• Fri. Mar 29th, 2024

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Weather and World Cup prompt first back-to-back jump in household spending in over a year

Annabel Fiddes, Principal Economist at IHS Markit, said:

“The latest set of Visa UK CSI data show that household spending trends improved further in June, likely helped by the much warmer weather and the World Cup. Notably, June marks the first back-to-back monthly increase in spend for over a year, as consumers splashed out on meals out and at supermarkets.

“However, it’s not certain whether this current run of growth will carry through into the months ahead as these temporary boosts give way to the prospect of a summer interest rate hike by the Bank of England, while anxieties continue to build around the outcome of the ongoing Brexit deal negotiations. These key decisions will be crucial in determining the trajectory of the UK economy and consumer spending. “