Consumers ‘more confident about spending’

4 December 2008

Nationwide’s Consumer Confidence Report for November suggests an upturn in consumer attitudes to spending, ahead of the festive period.

The Spending Index rose from 56 in October to 64 in November, with 26% of those questioned believing that ‘now is a good time to purchase major goods’ (8% more than in October) and 58% thinking that ‘now is a bad time to purchase major goods’ (8% fewer than in October).

However, overall consumer confidence fell in November, following October’s brief rise.

A spokesperson for debt management company Gregory Pennington commented: “Although the report shows a slight upturn in attitudes towards spending, the majority of people still appear to be hesitant to make major purchases.

“Especially going into the festive season, shoppers should be looking to avoid falling into debt. We advise consumers to spend with caution at this time – just a few compromises can make all the difference. Anyone who does find themselves struggling with debt at this difficult time should seek expert debt advice as soon as possible.”

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Gregory Pennington offer debt management plans and a range of other debt solutions. If you are worried about debt, contact one of our expert debt advisers now.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).