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British consumer spending slows in February

2018-03-12 12:11 pm | Resource: NEWS | No Views : 230



British consumers cut spending in February as spending remained a major source of weakness, according to a survey released on Monday by consumer spending index Visa, spending fell 1.1 percent from a year earlier in February.

"High living costs, low wage growth, and relatively low consumer confidence are likely to play a role in the continuing decline in household spending," said Anabel Vides, chief economist at IHS Markit.

"Unless the pressure on incomes drops, it seems unlikely that household spending will rise any time soon."

Mark Antibov, chief commercial officer at Visa, said in March, consumer spending was at risk of announcing one of the worst-rated first-quarter results.

Antibov said retail companies no doubt hoped the more moderate weather would motivate shoppers


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