UK Marketing Industry Cautiously Optimistic over Rise in Consumer Confidence
Britain's marketing industry is feeling buoyant because April saw consumer confidence reaching a nine-year high, thanks to the recovery of the UK's economy.
GFK's monthly Consumer Confidence Index reveals an increase of three points to 0 in April, which is the first time it has climbed out of the red since April 2005. This ranking is attributed to the current state of the economy, which has risen by 8 points month on month.
On a more sobering note, brands are being warned however that they should not to get too excited, since the strengthening economy remains unmatched by an equal uplift in the public's financial circumstances.
GFK has described the mere 1 point increase to -10 in its index measuring people's own verdicts about the current state of their finances and changes to the public's financial situation as "anaemic".
Nevertheless, other reports are coming in to fuel growing optimism. The CBI has revealed in their analysis that business activity across the UK's manufacturing, retail and service industries grew 35% this month (up 10 points on April and the best return since the CBI began measuring growth in 2003).
Additionally, the British Chambers of Commerce upgraded its growth forecast from 2.8% to 3.1% for 2014, representing the highest rate of growth since before the financial crash in 2007.