Survey suggests the return of consumer confidence

A new report from the European Commission has suggested that consumer confidence is experiencing an upswing despite the adverse economic conditions that have followed the events of 11 September.

The survey revealed that optimism in the economy has returned – but only to a certain extent, with confidence levels rising by two points, but still remaining in negative territory.

October saw optimism plunge to –5 on the EU scale, confirming a downward trend of fear until November’s small reversal. However, despite the outward appearance of being a gloomy time, most respondents said they believed that the current time was an excellent one to make new purchases and consolidate their financial standing. In addition, most Britons said they felt assured that their financial status would approve over the coming year.

However, despite rising levels of consumer confidence the CBI has predicted a painful year ahead for British businesses even if the UK manages to avoid a fully-fledged recession.

Ian McCafferty, CBI Chief Economic Adviser, commented: “The real pressure will be on businesses that are exposed to the international environment, which will exacerbate the two-speed economy.

“However, the UK is still the fastest growing of the G7 countries and is well placed to weather the storm. We should see the economy start to rally towards 2003, but the strength of this relies heavily on the timing and momentum of the recoveries in the US and Europe.” (CL)

Related Northern Ireland Business News Stories
Click here for the latest headlines.

05 May 2021
New Grant Scheme To Support Businesses And Implement Digital Technologies Launches
A new Invest Northern Ireland grant scheme to support businesses to investigate and implement new digital technologies that will improve business operations has been launched.
23 April 2021
AquaQ Analytics To Invest Almost £1m In Skills Development
Data management specialists, AquaQ Analytics, is to invest almost £1million in developing the skills of its growing team. The investment will support its 180-strong workforce to upskill in data analytics, cloud services and digital transformation for global financial markets and new emerging sectors.
02 September 2011
Manufacturing, Orders And Exports Tumble
UK manufacturing fell in August, along with exports, new orders and employment, a survey has revealed. The Markit/Cips purchasing managers' index (PMI) for manufacturing fell to 49 last month, representing a 26-month low, which is the weakest level since June 2009 and the second straight month of the sector's contraction.
30 April 2013
Firms To Receive A Package Of Free Leadership And Management Programmes
Employment and Learning Minister Dr Stephen Farry today announced a package of free leadership and management programmes for local businesses. The Department for Employment and Learning will provide 100% financial support to businesses and social economy enterprises that utilise the Department’s leadership and management suite of programmes.
31 October 2001
UK consumer confidence drops
A new survey compiled by the GfK Group for the European Commission Consumer has revealed that confidence in the UK has slumped to its lowest level since last year's crippling fuel crisis. The survey - the Consumer Confidence Barometer - showed that consumer confidence fell to -5 in October compared with -1 the previous month and +6 in June.