The UK Consumer Confidence Index rose from 97 in Q1 2015 to 99 in Q2, while the global level dropped from 97 to 96.

Confidence levels in the UK overtook Germany, which fell from 100 to 97, for the first time in more than five years. This means than consumers in the UK are now the second most confident in Europe, behind Denmark ( 112 ).

In comparison, Greece saw confidence decline 12 points to 53.

Steve Smith, Nielsen UK & Ireland managing director, said: “Consumers in the UK are feeling ever more confident. 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. This positivity is reflected in the cornerstone of household budgets: grocery spending. The number of UK consumers switching to cheaper grocery brands in order to save money is at its lowest level ( 30%) since late 2009.”

Global consumer confidence increased one index point to 97 in the second quarter of 2014, marking the highest level since first-quarter 2007. This comes after a stagnant 2013, when confidence was stuck at 94 for three out of four quarters.

Regionally, North America ( 103 ) and Europe ( 77 ) reported consumer confidence increases of three and two points, respectively, from the first quarter. Confidence was highest in the Asia-Pacific region, which held steady from the first quarter with a score of 106. Confidence declined in the Latin America ( 90 ) and Middle East/Africa regions ( 93 ), dropping three points and one point, respectively.

The Nielsen Global Survey of Consumer Confidence and Spending Intentions was established in 2005 and measures consumer confidence, major concerns and spending intentions among more than 30,000 respondents with internet access in 60 countries. Consumer confidence levels above and below a baseline of 100 indicate degrees of optimism and pessimism.

Nielsen has released its Global Consumer Confidence Trend Tracker, to view by region, country and time period to explore consumer trends, compare markets and insights.