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Royal wedding boosted British economy: Report
Published on 28 May. 2011 11:11 PM IST
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The British royal wedding of Prince William and Catherine has given a much needed boost to the weak economy of the country, according to a new “consumer confidence” report.
Levels of optimism among the people have soared due to the “feel good factor” following the wedding and the bank holiday weekends in April, reports the Daily Express.
Fashion sales have been up by 11.5 percent and those of home goods rose by 3.3 percent.
A 10-point rise in the Consumer Confidence Index this month has been the sharpest increase since May 1993 and the second biggest since the survey began in 1974.
Nick Moon, managing director of GfK NOP Social Research, said: “Before businesses celebrate, it should be pointed out that this is just one month’s figure and it is far too early to know whether this could be the start of an upward trend.”
“We are improving from a rock bottom position and consumer confidence is still deeply in the negative. We are not out of the woods,” he said.
There was a 13-point increase in confidence about the economic situation during the past 12 months. Consumers also felt confident that their own financial situation would improve during the next year.
At the same time, there was a five-point rise in how people felt about their own situation during the past 12 months.
People’s attitude towards whether it was a good time to make a major purchase also improved during the month.

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