British consumer spending goes down for the first time in almost 4 years

British consumer spending goes down for the first time in almost 4 years

The previous month British consumers reduced their spending for the first time in almost four years as data from credit card company Visa revealed. It’s because households became more cautious even before the previous week's shocking election outcome.

In May, consumer spending turned to be 0.8% lower than in the same month last year, after adjusting for inflation. That’s the first year-on-year descend since September 2013, as Visa reported on Monday.

In monthly terms sales lost 1.9%.

With stalling wage surge and ascending prices more and more UK customers started fealing the squeeze.  

The British economy has demonstrated signs of stagnation. Confidence among consumers and businesses is supposed to take a further dip due to Theresa May’s fail to grasp a parliamentary majority last week.   

In general, Britain's economy appeared to be the weakest performer among the Group of Seven wealhty nations in the first quarter of this year.


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