Menu
Fri, 19 April 2024

Newsletter sign-up

Subscribe now
The House Live All
Communities
Why system change is critical to harness the potential of gene therapies Partner content
By Pfizer UK
Health
Education
By Lord Wallace of Saltaire
How do we fix the UK’s poor mental health and wellbeing challenge? Partner content
Health
Press releases

Olympics optimism boosts spending

Visa

2 min read Partner content

Olympics optimism spread to the shops in August as it saw the strongest rise in UK household spending since September 2011.

August saw a monthly growth in household spending of 0.7 per cent. Clothing and footwear retailers also witnessed a growth of 0.7 per cent, whilst hotels and restaurants saw a growth of 2.8 per cent, according to new figures from Visa's monthly UK Expenditure Index.

Olympic events appear to have drawn people away from online shopping, which in comparison to last year registered a reduction of 9.3 per cent.

The Index, which is published on a monthly basis, uses card spending data and adjusts it for a variety of factors to create a like-for-like comparison of consumer spending.

Spending still remains down on the same period last year, but Dr Steve Perry, Commercial Director at Visa Europesaid retailers have "cause to be hopeful".

"Headline monthly growth of 0.7% underplays the strength of retail sales which were undermined by weaker services spending," he said.

Miscellaneous goods and services were the principal drag on overall consumer spending, faring particularly poorly, with a reduction of 17.2 per cent.

Chris Williamson, chief economist at Markit, the financial information services company which compiles the data, said the latest Index "re-affirmed separate data from business surveys of a relative bounce in the performance of the UK economy during August."

"Fingers will be crossed that August provides a springboard for a positive end to the year, especially as the crucial Christmas shopping season will soon be upon us," he said.

PoliticsHome Newsletters

Get the inside track on what MPs and Peers are talking about. Sign up to The House's morning email for the latest insight and reaction from Parliamentarians, policy-makers and organisations.

Podcast
Engineering a Better World

The Engineering a Better World podcast series from The House magazine and the IET is back for series two! New host Jonn Elledge discusses with parliamentarians and industry experts how technology and engineering can provide policy solutions to our changing world.

NEW SERIES - Listen now

Partner content
Connecting Communities

Connecting Communities is an initiative aimed at empowering and strengthening community ties across the UK. Launched in partnership with The National Lottery, it aims to promote dialogue and support Parliamentarians working to nurture a more connected society.

Find out more