UK consumer spending set to be lowest since 2012

Consumer spending over the Christmas period is expected to be at its lowest since 2012, according to Visa’s UK Consumer Spending Index.

Spending on the high street fell year-on-year for the seventh month in a row, dropping by 3.5%. This followed a 5.1% decrease in October, two of the worst falls since 2012.

Online retail saw growth of 2.4% in November, however this was a lower rate of growth than previous years.

Mark Antipof, chief officer for commercial at Visa, said: “Festive cheer was in short supply for the UK’s retailers during last month as Black Friday promotions failed to lift consumer spending. November’s poor performance means that we stand by our earlier prediction that the UK will see its first fall in overall Christmas spending by consumers since 2012.

“The gap between the performance of e-commerce and the high street widened again last month. Bricks-and-mortar retailers saw sales down for the seventh consecutive month, while e-commerce continued its upward growth trend, boosted in particular by consumers taking advantage of online promotions around Black Friday.”

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