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The UK has overtaken Germany in terms of consumer confidence for the first time in over five years.

According to the Nielsen Consumer Confidence Index shoppers in the UK are the second most confident in Europe behind Denmark.

The UK surpassed the global average for the first time since 2006 and confidence has risen for the sixth successive quarter.

The index aims to measure the degree of optimism behind the spending decisions of consumers and gauges their economic outlook. The survey is conducted globally on an optimism and pessimism degree scale among 30,000 consumers in 60 countries.

“Consumers in the UK are feeling ever more confident,” said Nielsen UK and Ireland managing director Steve Smith.

“Wage inflation is starting to outstrip price inflation for the first time in years, while mortgage rates are at historically low levels and unemployment has generally been falling.”

Among the surveyed countries Greece suffered the steepest consumer confidence drop to 53 index points compared to the UKs 99 and Denmark’s 112. Ukraine holds the lowest European position with 48 index points and South Korea measured lowest globally with 45. The survey revealed India as the most consumer confident country in the world with 131 points.

It was also revealed that the number of shoppers making the switch to a cheaper grocery brand to save on their weekly shop is at its lowest since 2009. Only 30% of UK consumers changed to a retailer with lower prices to save on their household budget.

The survey found that for the second quarter in nine years consumers feel now is a good time to make purchases. Although there was a 1% drop on last year the result is at the second highest since the question was included almost nine years ago.