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Financial News: UK Consumer Spending Logs Steady Decline

UK Consumer Spending Logs Steady Decline

09/18/2019 - 02:54:00 (RTTNews)

(RTTNews) - UK consumer spending continued to fall in August, Visa's UK consumer spending index, compiled by IHS Markit showed Wednesday.

Spending dropped 1.3 percent year-on-year in August, following a 1.2 percent fall in July. Expenditure has fallen in each of the past 11 months. On a monthly basis, household expenditure rose only 0.8 percent.

The latest reading of the Visa Consumer Spending Index suggests that retailers continue to face a challenging environment, as spending slipped in August across most categories, Adolfo Laurenti, European Principal Economist, Visa, said.

Data showed that eCommerce spending saw a renewed contraction of 0.5 percent in August. That said, the decline in online spending was softer than that seen in Face-to-Face transactions.

High street expenditure was down for the fourth consecutive month, albeit to the least extent in this sequence of 1.2 percent.

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