BRITISH households spent 1.6 per cent less in October than they did in September, Visa Europe said today.
Visa’s UK expenditure index, which uses data from its millions of credit and debit cards, found that year-on-year spending increased by a modest 0.3 per cent. Over the quarter to October, spending rose by 0.7 per cent.
Broken down by retail sector, clothing and footwear have seen a sharp annual decline of 5.7 per cent, with food, beverages and tobacco not far behind with a year-on-year contraction of 4.5 per cent.
Jeremy Nicholds, director of commercial development at Visa Europe said these figures “demonstrate the challenges that still remain for retailers and consumers alike with just eight weeks until the end of the year”.