Annual consumption growth slowed to the weakest since April 2016
UK household spending grew at the slowest pace in almost two years last month as “Beast from the East” kept shoppers at home, Barclaycard said in a report today.
While annual consumption growth slowed to 2 per cent — the weakest since April 2016, spending in stores fell 1.9 per cent as Britons opted for online shopping amid the Arctic chill, according to Barclaycard, the credit and debit card division of Barclays.
“The Beast from the East took its toll on the high street in March, keeping shoppers at home and leading to a slowdown in consumer spending,” Paul Lockstone, managing director at Barclaycard, said.
“It seems consumers have become accustomed to adjusting their budget and as a result are more confident in their own finances,” added Lockstone.