Visa Europe: UK Expenditure Index
This month’s highlights include:
· Household expenditure continues to rise solidly on an annual basis (+2.0%); looking ahead, the third quarter is shaping up to be the strongest for annual growth since the start of 2010
· Good August for the high street: high street sales rise at a solid pace (+2.4%) and face-to spend increased
· Increased spending at hotels and restaurants (+9.2%) and on clothing and footwear (5.2%)
Kevin Jenkins, managing director UK & Ireland at Visa Europe said about the report:
“This month’s 2% year-on-year rise in spending signifies the continued progress of the UK consumer economy.
“Hotels, restaurants and bars were the big winners this month and are enjoying a strong summer with August spend up 9.2% year-on-year. The high street overall has had a good month, bringing cheer back to bricks and mortar retailers. Consumers turned out in force with clothing and footwear performing particularly well, no doubt due to reasonable weather and end of summer sales. These factors have in turn led to a small fall in online spending.
“Looking ahead, the third quarter overall is shaping up to be the strongest for annual growth since the start of 2010 and another strong month in September will solidify this.”
Follow this link for the full report:
http://www.visaeurope.com/en/newsroom/expenditure_index.aspx