UK consumer confidence edges higher again in February - BRC

(Sharecast News) - UK consumer confidence edged higher again in February, a survey released on Thursday showed. According to the BRC-Opinium consumer sentiment monitor for this month, the measure for expectations about the state of the economy over the next three months improved to -30 from -32 in January.

Meanwhile, the measure for respondents' personal financial situation rose to -6 in February from -8 the month before, while the gauge for their personal spending on retail increased to 0 from -6.

The measure for personal spending overall rose to 6 this month from 5 in January, while the one for personal saving fell to 0 from 2.

Helen Dickinson, chief executive of the British Retail Consortium, said: "Consumer confidence improved for a third straight month, hitting its highest level since last June. Young people remain the most upbeat, with men notably more confident than women about the months ahead. Spending expectations also edged up in February, but retail demand remains weak by historical standards, leaving retailers under continued pressure.

"This lift in confidence is encouraging, but fragile. Slow growth and rising unemployment still weigh heavily on the economy. Potential future rate cuts and rising real wages could help unlock discretionary spending, but only if Government acts too - tackling economic headwinds and mitigating business costs to help ease the cost of living. Only by boosting consumer spending can retail begin to unlock more jobs and investment in local economies across the country."