Marks and Spencer said family optimism is at its highest level in two years as inflation levels fall and households look forward to summer holidays.
M&S Family Matters Index, which tracks quarterly priorities, challenges and families face across the UK is as high as it’s been since 2021, with around 45% of the population optimistic about their prospects for the next three months.
Last September, when inflation was as high as 10.8%, only 32% of the population were upbeat on prospects, a record low.
Despite the cost-of-living crisis firmly at the front of roughly 80% of the UK’s minds, the “prospect of warmer weather, exciting events and holidays are helping to drive a more positive outlook,” the FTSE 250 retailer said.
Almost half of the population has at least one event to look forward to over summer, such as a wedding, sporting event or concern, while half of the families are planning a staycation or holiday abroad.
PricewaterhouseCoopers, one of the big four accounting firms, issued similar upbeat data, adding UK consumer confidence based on its research is at its highest level in 18 months.
PwC said confidence sits at minus 13 compared to minus 25 in Spring after the UK budget
That is also a 31-point improvement from last September and a 32-point improvement since the beginning of January 2023.
The survey found the variance between age groups and socio-economic groups narrowing, albeit with under-25s remaining the most positive age group, and 55 to 64s the least positive.
Lisa Hooker, PwC’s leader of the industry for consumer markets, said: "It is encouraging to see the growth in sentiment across all ages and demographics. Whilst inflation remains the biggest factor affecting finances, we're also seeing fewer people cutting back and spending intentions have consistently improved over the past 12 months."