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Boost in consumer confidence points to Christmas cheer

Two surveys suggest that UK consumers are approaching Christmas in a more positive mood than at any time in the past decade. While the GfK consumer confidence index dipped in October to stand at minus 2, this was the highest reading for the month since 2002. All the components of the index were significantly higher than last year, indicating that many people feel better despite having yet to regain their pre-crisis levels of income. A similar consumer confidence indicator from Nielsen, also published on Friday, estimated consumer sentiment to be at a seven-year high. Samuel Tombs of Capital Economics said: 'There is no doubt that the fall in unemployment has helped and over the coming months financial strains should ease further as we finally see real earnings pick up. This should help make this Christmas a good one for retailers.'

 

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