UK consumers are feeling optimistic about their disposable income and are more likely to spend when it comes to holidays, short breaks and eating out, especially with brands they feel they can rely on, the new Deloitte Consumer Tracker suggests.
The tracker, which measures consumer spending attitudes, found that consumer optimism about disposable income is at a three-year high, with the figure on -29% now compared with -36% this time last year. Despite still registering a minus-figure, this is the highest the sentiment has been since the tracker began in 2011.
Deloitte suggests that an improvement in economic climate and a reduction in debt concerns (now at -8% compared with -15% in Q2 at 2012) have contributed to the rise in consumer confidence.
The figures suggest that holidaymakers are making use of the good weather to book staycations rather than fly abroad, while diners are showing that they are willing to spend money on restaurants they can rely on to offer quality service and food.
Jon Lake, corporate finance director in the licensed retail group at Deloitte, said: "Consumers have been reluctant to cut back on eating out and the slow return of consumer confidence will be welcomed by the restaurant sector.
Of particular interest is that while the consumer drive for value for money remains strong, those operators and brands who consistently deliver quality of product and service are being rewarded by a loyal consumer."