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Financial News: UK Consumer Spending Rises For First Time Since

UK Consumer Spending Rises For First Time Since 2018

03/17/2020 - 23:42:00 (RTTNews)

(RTTNews) - UK consumer spending increased for the first time since September 2018, a survey compiled by IHS Markit on behalf of Visa, showed on Wednesday.

The consumer spending index grew 0.6 percent on a yearly basis in February, following a 1.8 percent fall in January.

On a monthly basis, expenditure rose 1.9 percent, which was the strongest monthly expansion since November 2018.

The increase in eCommerce spending came in at 4.3 percent, the largest annual improvement since August 2017. Meanwhile, face-to-face spending grew 1.4 percent, marking the first rise in expenditure for 17 months.

Overall consumer spending ended a 16-month sequence of decline in February largely driven by a 6 percent rise in hotels and restaurants spending, followed by a 3.6 percent rise in food and drink and 3.6 percent increase in health and education expenditure.

Only clothing and footwear expenditure showed an annual fall in February, down 1.2 percent from last year.

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