Published on May 15th, 2018 | by The GC Team0
Electricals hit by fall in consumer spending
Consumers remained in belt-tightening mode in April as low confidence levels and a gloomy outlook for the UK economy helped contribute to a fall in spending.
Figures released by payment card company Visa showed a 2% fall on April 2017 – the same rate of decline as last month.
Visa said discretionary spending on furniture, electrical appliances and recreational activities was worst hit.
Chief Commercial Officer Mark Antipof said: “With inflation beginning to fall and wages growing faster than expected in recent months, it would have been easy to assume we might be over the worst of the consumer squeeze. Yet there has been no corresponding improvement in spending, with April’s 2% decline a simple repeat of what we witnessed in March.
“Retailers will be pinning their hopes on further improvements in household finances and warmer weather leading to a more upbeat few months heading into summer.”