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UK Consumer Spending Growth Hits Eight-Month High in January – Visa Europe

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British consumer spending grew at its fastest rate in 8 months in January, helped by a rebound in clothing and footwear sales, figures from payment card company Visa Europe showed on Monday.

Seasonally adjusted consumer spending rose by 2.7 percent year-on-year, the fastest rate since May 2015 and up from 2.2 percent in December, according to the monthly survey.

“It’s a feel-good start to the year for retailers and consumers, despite the global economic jitters,” Visa Europe’s managing director for the United Kingdom, Kevin Jenkins, said.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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