Visa’s UK Consumer Spending Index

Consumer Spending Reaches Six Month High As Christmas Countdown Begins

Consumer Spending Reaches Six Month High As Christmas Countdown Begins

UK consumer spending growth reached a six month high in October as retailers ready themselves for the festive season. According to Visa’s UK Consumer Spending Index, shoppers’ spending rose by +2.5% last month, up from +2.3% in September – signalling the strongest rate of increase in half a year. The boost in trade was mainly fuelled by the strong performance of the service (+9.0%) and recreation and culture sectors (+7.4%), with spending on clothing and footwear rising at its quickest rate since September 2015 (+4.7%). Consumers buying their products online increased solidly (+4.3%), while in-store purchasing expanded for the first time in three months (+1.8%) – a sign that retailers better get ready for the Christmas rush. Kevin Jenkins, UK and Ireland managing director at Visa, sa... »