European consumer climate sees significant improvement

Consumers in western and southern Europe were apparently particularly optimistic, showing confidence that they will benefit from a general economic upswing, while consumers in eastern Europe were noticeably more sceptical. The study puts this down to the impact of the conflict in the Ukraine and the effects of economic sanctions against Russia.

In the first three months of 2015, the GfK Consumer Climate indicator increased by 4.3 points to 9.8 points. This is the highest value since April 2008.

In the UK, consumers expect the domestic economy to grow significantly in the coming months, with economic expectations at 27.9 points; 5.1 points higher than December, but 3.5 points lower than the same time last year. Income expectations have also grown in the first quarter of 2015, as has willingness to buy.

The survey covered around 40,000 individuals across all 28 countries in the European Union on behalf of the European Commission.

Full results can be found here.