Search News

Results: 41-50 of 64

Consumer spending slowed thanks to "Beast from the East"

10 Apr 2018

lowest level of growth since April 2016 Read more…

Minimum pension contribution increasing

3 Apr 2018

Total minimum contribution set to rise to 5% on 6 April 2018
Read more…

Indie retail sector growing as more chains face closures

15 Mar 2018

All but two regions of UK showed growth

Read more…

Spring Statement delivers positive news for SMEs

15 Mar 2018

Welcome measures from the Chancellor
Read more…

Paper 10 banknote withdrawn from circulation

1 Mar 2018

Paper notes no longer legal tender from today

Read more…

Independent retailers champion sector in Parliament

21 Feb 2018

NFRN take concerns to parliamentary meeting

Read more…

Minimum pension contributions to increase this April

13 Feb 2018

Article from The Pensions Regulator
Read more…

Christmas period

17 Jan 2018

Footfall and sales were in decline

Read more…

Consumer spending slowed thanks to "Beast from the East"

Posted on in Business News, Cycles News, Creative News, Outdoor News

Consumer spending growth slowed to just 2% in March as the "Beast from the East" kept shoppers at home.

According to the latest consumer spending data from Barclaycard, consumer spending grew 2% year-on-year in March, down from 3.8% in February, making it the lowest level of growth since April 2016.

street shopsIn-store spending fared particularly poorly, contracting 1.9% as a third (34%) of consumers reported the cold weather prompted them to spend less overall on the high street.

Online sales grew by 11.7%, however, as Brits chose to shop from the comfort of their own homes in the face of inclement weather.

The data also reveals that shoppers prioritised essential items, which rose 3.8%, while spending on the ‘nice-to-haves' increased by just 1.1%.

Paul Lockstone, managing director at Barclaycard, said: "The ‘Beast from the East' took its toll on the high street in March, keeping shoppers at home and leading to a slowdown in consumer spending. Despite the dip in growth last month, however, expenditure was broadly stable in the first quarter.

"It seems consumers have become accustomed to adjusting their budget and as a result, are more confident in their own finances.

"While there are bright spots, however, it's important to note that a sense of caution still remains, with many of us hesitant to change our spending patterns no matter what the next few months may bring."


Add a comment

Your email address will only be used to contact you regarding this comment.
We will not share your email address with anyone and it will not be published on the website.