Low consumer confidence blamed for lacklustre spending
Low consumer confidence was the main reason for lacklustre consumer spending last month, rather than the ‘Beast from the East'.
That's according to Visa's UK Consumer Spending Index for March, which accounts for more than £1 in every £3 spent in the UK.
Consumer spending during March was down 2.1% year-on-year, following the 1% drop in February. Face-to-face spend was down 3% on the year.
"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."
Consumer spending dropped further in February but hospitality strongest performing sector >>
February spend in restaurants and pubs up 9.7% and 10% respectively >>
Restaurants and pubs weather Beast from the East as consumer spending falls >>
