Low consumer confidence blamed for lacklustre spending

17 April 2018 by
Low consumer confidence blamed for lacklustre spending

Low consumer confidence was the main reason for lacklustre consumer spending last month, rather than the ‘Beast from the East'.

That's according to Visa's UK Consumer Spending Index for March, which accounts for more than £1 in every £3 spent in the UK.

Consumer spending during March was down 2.1% year-on-year, following the 1% drop in February. Face-to-face spend was down 3% on the year.

"That said, it is too early to read a great deal into this year-on-year decline, which should be viewed in the context of high growth rates in early 2017."

Consumer spending dropped further in February but hospitality strongest performing sector >>

February spend in restaurants and pubs up 9.7% and 10% respectively >>

Restaurants and pubs weather Beast from the East as consumer spending falls >>

Get The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!).

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking