Visa/IHS Markit data shows 2% decline in October consumer spending, fastest drop since September 2013.
High Street sales down 5% and clothing sales down 9%.
Separate BRC/Springboard survey finds 2% decline in “footfall” on UK High Streets in October, which Springboard exec calls “a black trading cloud.”
LONDON — Concerns about retail sales over the crucial Christmas period have been heightened by new figures showing a big slump in spending in October.
IHS Markit and Visa’s UK consumer spending index for October shows:
Spending down 2% compared to the same month a year earlier, the fastest annual fall since September 2013;
High Street sales fell by 5%, the second-steepest drop since April 2012;
Clothing and footwear sales fell by 9%, the worst ever drop recorded by IHS and Visa.
The data covers all of the spending across the Visa network, which accounts for £1 in every £3 spent across the UK. It’s the fifth time in sixth months the survey has registered a decline in consumer spending, highlighting the on-going consumer squeeze and the tough environment many retailers are battling against.
Mark Antipof, Visa’s chief commercial officer, said in a statement: “The pre-Christmas trading season got off to a poor start for retailers with October spending falling at the …read more
Source:: Businessinsider – Finance