The survey, which reports once a quarter and covers shoppers’ behaviours and attitudes, revealed that all age groups were reporting a “sunnier outlook”, with millennials showing the greatest surge in confidence.

IRI’s Shopper Sentiment Index provides insight into how the economy is impacting consumers and changing how they approach grocery shopping. With a benchmark score of 100, a Shopper Sentiment Index score of more than 100 reflects consumers who are “less price driven, more loyal to favourite brands and better equipped to maintain their desired lifestyles without changes”.

The index for Q1 2014 was 121, compared to 103 in Q1 2013 and 100 in Q1 2012; this is, says IRI, the highest point since the inception of the index.

“The headline for the first quarter is definitely the surge in consumer confidence,” says Susan Viamari, editor, Thought Leadership, IRI. “Consumers say they are feeling more confident about their household finances and don’t feel like they need to sacrifice as much in order to make ends meet.

“However, it’s important to remember that consumers are still entrenched in their conservative shopping strategies, so CPG marketers still need to work at finding pockets of opportunities.”

Further findings can be found here.