Consumer confidence in the North has risen to its highest level since the peak of the economic crisis, according to a new survey.
The study, which was carried out by Northern Bank, found a dramatic fall in the number of people who expect their financial situation to deteriorate.
The latest findings from the North's consumer confidence index are encouraging. Low interests rates and lower mortgage repayments have left consumers feeling more optimistic about their financial situations.
The survey of over 1,000 people was carried out in the second week of December.
It showed a 5% drop in the number of people who felt they were worse off than the year before. 8% fewer people were planning on curbing their shopping habits with a 3% rise in the numbers intending to spend more on big value items like holidays.
According to Northern Bank's leading economist, there are three factors driving the change - improvements in consumers' current financial positions, expectations for saving and a rise in consumers' expectation of spending.
While the survey showed only a very small improvement in the public mood regarding future finances and job security, it demonstrated a trend amongst households in the North to try and improve their finances by rebuilding their savings.
