Consumer spending rises
According to the latest Visa UK’s Consumer Spending Index, households’ spending showed “renewed signs of life” in September after hitting a soft patch during the run-up to the Brexit vote. Spending by consumers increased by 2.4% year-on-year in September as people splashed out on meals and trips out to enjoy the last of the summer sun while economic concerns “took something of a backseat”. The report said September’s bounce back in spending “signals that expenditure growth is seeing tentative signs of recovery”. This followed a small 0.1% annual rise in consumer spending in August, which has marked the weakest growth in nearly three years. The 2.4% annual growth rate in spending was the highest seen in the past five months. Kevin Jenkins, UK and Ireland managing director at Visa, said: “Economic concerns took something of a back seat in September, with consumer’s reverting to a more traditional spending pattern as they took advantage of the last of the summer sun.
Article via MCA report.