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12 Aug 2024

Austrian kid's bike brand, Woom has entered the UK market. Having had success in 30 other countries and sales of over 1 million units, Woom bikes will be distributed by UK trade partners online...

12 Aug 2024

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30 Jul 2024

More than £17.5m for the first phase of a major new sustainable transport scheme has been announced by Liverpool City Region's mayor Steve Rotheram.

30 Jul 2024

The widespread popularity of e-bikes and e-scooters means "it is a bit of a wild west out there" in terms of safety, an electric bike shop owner has told the BBC.

30 Jul 2024

A bill announced in the King’s Speech that would address the potential fire risks associated with e-bikes and lithium-ion batteries, has been welcomed.

30 Jul 2024

The new government are being urged to end the previous culture war-based approach to active travel and start investing properly in safe bike routes.
 

30 Jul 2024

An independent bike shop in Stroud recently offered a community bike ride to local people. ACT member The Ark Cycles opened Ark Community Shop Ride to cyclists of all ages and skill levels.

26 Jul 2024

The government’s announcement in the recent King’s Speech regarding e-bike battery safety and the regulation of online marketplaces is a welcome step forward towards improving safety...

18 Jul 2024

Cytech training provider Activate Cycle Academy is to exhibit at the GT Malverns Classic Mountain Bike Festival 2024, an event often described as the “Glastonbury of mountain...

15 Jul 2024

The cycling industry is “ripe” for smart investment, and a renewed wave of merger and acquisition deals, as it looks ahead to a profitable 2025 and “significant” medium...

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Consumer confidence rises amid personal finance optimism.

Posted on in Business News , Cycles News

UK consumer confidence improved by two points in April, new data has shown, as optimism about personal finances for the coming year remained stable.

Consumer confidence

According to GfK’s consumer confidence barometer, the reading climbed to -19 during the month – four measures were up in total, while one stayed the same in comparison to last month’s announcement. The survey was conducted among a sample of 2,009 individuals from 2 April to 15 April 15th.

The index measuring changes in personal finances during the last year was up two points to -11. The forecast for personal finances over the next 12 months came in unchanged at 2, which was 15 points higher than this time last year.

The report also found that the measure for the general economic situation of the country during the last 12 months rose four points to -41. This was 14 points higher than in April 2023. Expectations for the general economic situation over the next year moved two points to -21, which was 13 points higher than the previous year.

Meanwhile, the major purchase index increased two points to -25 – three points higher than this month last year, and the savings index jumped just one point to 26 in April; this was seven points higher.

“While the overall index score remains negative, all of the underlying five measures this April are significantly better than they were last April," Joe Staton, client strategy director GfK, said. "These improvements reflect the impact on household budgets of lower inflation and the anticipation of further tax cuts.

"However, we are a long way from the much firmer sentiment last seen in the period before Brexit, COVID and the conflict in Ukraine. There is a lot of ground to make up, and caution is needed in the face of continuing economic and fiscal challenges, and revised views on when the Bank of England might cut borrowing costs.

"But spring has arrived and maybe consumer confidence is, at last, slowly becoming brighter and heading in the right direction.”

In response to the data on Friday, Linda Ellett, UK head of consumer, retail and leisure for KPMG, said: “While it’s welcome to see confidence levels rising, households are still feeling squeezed, so it’s not yet equating to a consistent and significant upturn in consumer spending.

“Of the 3,000 consumers recently surveyed by KPMG about Q1 2024, only 3% said they had been able to increase their discretionary spending. And half of the group said they’ve had to cut their spend further since 2023 ended due to their household essential costs. A quarter with savings are using them to help meet essential costs, or plan to pay down their mortgage. This is limiting intention to spend savings on big ticket purchases, bar holidays and home improvements.

"Whether an economic upturn changes that remains to be seen, but consumers told us they are four times more likely to save than spend should their current costs ease.”

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