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Consumer spending drops in November

Consumer spending dropped by 0.7% in November 2018, with clothing and footwear retailers hit particularly hard, with a 2.8% drop in sales.

The fall marks the second month in a row that spending has declined, and comes despite Black Friday discounting, which failed to attract shoppers to spend. Spending has fallen for seven of the 11 months of the year so far.

Figures from Visa’s UK Consumer Spending Index showed that ecommerce expenditure had edged up by 0.4% but face to face sales were down by 0.9% overall.

Commenting on the figures, Adolfo Laurenti, European principal economist for Visa, said: “Despite some easing in inflationary pressures and an improvement in wages and earnings, consumer confidence has deteriorated further, as uncertainty continues to surround Brexit. Economic conditions are likely to remain challenging for retailers, at least in the short term.”

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