Worried consumers still plan to spend big

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Consumer confidence continued to rise this month despite growing concern about personal finances, a closely watched survey shows.

It rose by two points to minus 36 on the monthly index by GfK, the market intelligence company. The biggest factor was a rise in the likelihood that people would buy big-ticket items such as furniture and electrical goods. This metric rose by four points to minus 33 according to the survey of 2,000 people aged 16 and over between March 1 and 14.

However, the overall growth masks a decline in consumer sentiment about personal finances, which fell by three points on the barometer to minus 21.

Finances have been squeezed not only by the cost of living crisis but also by rises in interest rates