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Tuesday 7th May 2013 | 00:01
Visa Europe press release
· Month-on-month consumer spending falls in April (-2.5%), following three successive months of growth (March: +1.2%)
· Year-on-year spending increased for the second consecutive month in April: growth of +0.5% (March:+0.8%)
· Underlying spending improved in April: 3m/3m growth rate at +1.1% (March:+1.3%)
· Solid annual increase in spending Online in April (+6.2%)
· Face-to-Face spending declined on the year
Dr Steve Perry, Commercial Director at Visa Europe said:
"The overall picture of consumer spending is one of slow growth as evidenced by the +0.5% increase in April compared to the same month in 2012 and the underlying three-month growth rate of +1.1%. However, there is clearly continuing volatility from month to month with a marked decrease of -2.5% from March.
"The shift to online spending continues with strong growth of +6.2% on the year, the sharpest increase since September 2011, while face-to-face retail spending was down -1.9%, with the Food & Beverages and Clothing & Footwear sectors particularly affected."
How the Visa Europe UK Expenditure Index is compiled:
The Visa UK Expenditure Index uses card transaction data to provide a robust indicator of total consumer expenditure across all payment methods and is used by a range of stakeholders to gain insights into consumer spending, including HM Treasury. It is based on spending on all Visa debit, credit and prepaid cards which are used to make an average of over 1.9 billion transactions every quarter and account for £1 in £3 of all UK spending. Working with Markit, these card spending data figures are adjusted for a variety of factors such as card issuance, changing consumer preferences to pay by card rather than cash and inflation. These adjustments mean that these data are distinct from Visa Europe's business performance and the Index reflects overall consumer spending, not just that on cards.