Confidence among UK shoppers reached a four-year high in the third quarter of 2015, a trend that will spur spending on clothing and footwear, according to professional services firm Deloitte.
The business advisory firm’s quarterly Consumer Tracker shows consumer confidence climbed by 2% during the period, owing to the falling cost of many essentials.
All six measures of confidence were up from the previous quarter, with the biggest gains seen in relation to consumers’ levels of debt, job opportunities and career progression.
Deloitte now believes consumers are planning to increase spending on “discretionary categories”, including clothing and footwear, in the fourth quarter of 2015 as a result.
“More than a quarter of consumers are now more positive about their finances than they were a year ago. One in five has more money to spend at the end of the month or is better able to treat themselves at the end of the month,” the tracker said.
Ben Perkins, head of consumer business research at Deloitte, added: “The outlook is positive for the rest of the year. Consumers are planning to increase their spending on discretionary items in the fourth quarter of 2015.
“UK consumer businesses should be buoyed by the news that defensive behaviour [such as spending or spending less] has fallen to its lowest level since our survey began.”