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Spending on clothing and footwear bounces back in May

Spending on clothing and footwear retailers grew by 4.2% year on year in May, bucking a wider trend in retail. 

Transportation and communications was among the worst-hit sectors, down 5.2%.

Overall, consumer spending across all retail sectors rose by just 0.8%, the lowest increase since February 2014, according to the Visa Europe Spending Index, which looks at overall spending trend not just those on Visa’s cards.

Ecommerce continued to show growth - up 2.3% - although it is slowing slightly compared to previous years. Face-to-face expenditure decreased by 0.8% year on year.

Visa Europe’s UK and Ireland managing director Kevin Jenkins said consumers were reining in their spending as economic and political uncertainty hit confidence.

But he singled out clothing and footwear as one bright spot: “Clothing retailers bounced back strongly in May, posting the first rise in three months, as warmer weather prompted shoppers to stock up on their summer wardrobes.”

 

 

 

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