Consumer Spending Slumps

8th January 2018.

UK household spending fell by 0.3 percent in 2017 compared with the previous year, according to figures from Visa.

The festive period was a particularly disappointing time for retailers, with spending down 1 percent in December. This continues the poor performance that made last year the worst for consumer spending since 2012.

While there are a few bright spots in retail, sales figures have proven that the high street is attracting fewer consumers year by year.

Visa’s figures revealed that “face-to-face” spending in December fell 2.7 percent, while internet shopping continued to grow, rising 2 percent.

Mark Antipof, Visa chief commercial officer, described 2017 as a “torrid” year for retailers, as online shopping outstripped the high street.

While the UK consumer spending picture is bleak, Oxford Economics insists it is brighter on a global basis.

Tom Rogers of Oxford Economics reassures consumers that their energy bills are likely to stabilise in the coming year, easing households and encouraging spending confidence.

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