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Consumer spending growth slowed in January

Consumer spending growth slowed to a five-month low in January according to new figures from Visa. The firm’s UK Consumer Spending Index has pointed to a… View Article

GENERAL MERCHANDISE

Consumer spending growth slowed in January

Consumer spending growth slowed to a five-month low in January according to new figures from Visa.

The firm’s UK Consumer Spending Index has pointed to a marked slowdown in expenditure growth at the start of 2017.

Overall, spending was up 0.4% on the year but down from an increase of 2.5% in December.

Spending split by channel shows that ecommerce outperformed face-to-face categories but increased at the slowest annual rate in five months at 4.1%. Meanwhile, face-to-face spending declined by 3.1%, the quickest pace in four years, after a marginal rise in December of 0.6%.

Kevin Jenkins, UK & Ireland managing director at Visa, said: “Following a bumper Christmas season, there were signs that consumers were starting to reign in their spending at the start of the New Year. Annual growth slowed down from 2.5% in December to a five-month low of 0.4% in January, as households monitored rising prices on everyday items and how this would impact disposable incomes.”

Clothing and footwear retailers saw the quickest annual reduction in expenditure since April 2012 with a fall of 3.8%.

Jenkins added: “Clothing and household goods retailers experienced a particularly difficult January. The traditional start of year sales did little to lift clothing spend, which saw the biggest drop in nearly five years. The high street as a whole suffered a disappointing month too, with spend falling at the quickest rate in four years.”

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