Monday, April 22, 2024
HomeNEWSUK CONSUMER SPENDING STALLS

UK CONSUMER SPENDING STALLS

A survey by card payments provider Visa indicates that consumer spending has begun to decline for the first time in nearly four years, reports BDN financial editor Roger Willis.

Tracking one-third of all money spent using its debit, credit and prepaid cards, Visa found that transactions in May were 0.8% lower year-on-year, and seasonally adjusted spending during the month was 1.8% down on April.

Set against a background of already sluggish economic growth slowing further into the second quarter of 2017, alarm bells are now ringing loudly in the retail business sector. Latest Office for National Statistics data showing a sharp inflation rate increase during May to 2.9%, considerably outpacing wage rises, has only deepened the gloom.
 

RELATED ARTICLES

Product News

SHARE PRICES AND MARKET ANALYSIS

A snapshot of motorcycle and ATV industry share performance across key manufacturers and major global markets at the trading week closure on Friday 19...