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SMMT revises forecast following consumer confidence
Date: 08 August 2014 | Author: Daniel Puddicombe
The Society of Motor Manufacturer Traders has raised its forecast for the 2014 new car market as a result of a rise in consumer confidence.
In April, the SMMT predicted that sales would be 6.1% higher than in 2013 at 2.4 million car registrations, but thanks to faster-than-expected growth, it has revised its expectations upwards, predicting the market will be 8.1% above the 2013 year end at 2.45 million registrations.
Thanks to retail growth, fleet registrations are slightly behind private registrations in the first seven months of the year, but are still 51,000 up on the same time as last year, a growth of 8.0% compared to the overall market figure of 10.1% up on the first seven months of 2014.
In July, fleet registrations were 5.4% up on July 2013, while the overall market was 6.6% up, illustrating the strong retail demand for new cars that outstripped fleet at 7.3% above last July.
