Consumer expenditure in Britain goes down for third consecutive month in July, the last period setting a record in the length of slump in 4 years.
Visa's Consumer Spending Index, that analyses purchasing activity based on information from credit and debit cards, revealed that Brits spent less by 0.8% last month compared to July 2016. Preceding months fall made up 0.9% in May and 0.2% in June.
Communication and transport sectors were hardest hit and declined by 6.1%, to an extent due to people booking less flights, preferring stay-at-home holidays. Apparel figures were down – 5.2%, as well as household supplies spending moved downwards giving up 4%.
Visa’s Kevin Jenkins stated that now there’s more to that growing prices and close to no wage rise are exhausting consumers’ wallets.
He added that the fall was palpable across a multitude of sectors in July, and the most hurt were food, apparel, household supplies, and transport. Though a silver lining was to be found in the sector of hospitality which demonstrated some uptick. Evening leisure is tending to drive people outside as hotels, restaurants and bars soared 6% year-on-year.