The latest YouGov/Centre for Economics and Business Research consumer confidence index improved to 109.8 in August, up 3.2 points on July, the largest monthly bounce since February 2013.
Confidence fell sharply last month following the UK’s vote to leave the European Union on 23 June. Despite the improvement over the last month, the index has only recovered around half of the ground it lost in the wake of the referendum.
YouGov collects consumer confidence data each day with 6,000 interviews a month. Respondents are asked about their household financial situations, property prices, job security and business activity in the workplace, both looking back over the past 30 days and ahead to the next 12 months.
Scott Corfe, director at the CEBR, said: "This month’s improvement in consumer confidence follows positive news from other areas of the economy and slightly punctures the arguments of those who predicted immediate economic Armageddon following a Brexit vote.
'With consumer confidence rising and year-on-year retail sales up it is evident that the public have yet to feel many – if any – effects from the vote to leave the EU.
"Both inflation and unemployment are low, for now, which is undoubtedly supporting consumer optimism. However, this could easily change next year as the weakness of sterling pushes up the cost of imports. 2017 could be the year that consumers stumble."
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