Visa says UK consumers cut their spending by the most in more than 2 years
Card payments company Visa on UK consumer spending
Inflation-adjusted consumer spending in the three month to the end of March -1.4% y/y
- the previous quarter -1.3%
- Q1 of 2018 is biggest fall since the fourth quarter of 2012
Spending in March alone
- -2.1% y/y (vs. Feb. -1% y/y)
- the biggest drop in a month since October 2017
Reuters with more
- Online sales fell for the first time in 10 months.
- Visa said the weakness in consumer spending reflected a dip in confidence among many households as well as unusually snowy weather
- "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," Mark Antipof, chief commercial officer at Visa
- Visa said only spending on food and in hotels, restaurants and bars rose in March, probably due in part to the early Easter holiday weekend
Visa's data is based on spending on its debit, credit and prepaid cards, which account for about a third of consumer spending.
- The growth rates are adjusted for inflation, seasonal effects and differences between typical card and cash spending.
GBP is doing little: