Davy Research

Market comment

UK survey suggests worst Christmas spending since 2012

DAVY VIEW

The latest UK Visa Consumer Spending Index signalled a further fall in household spending in December. The index was down 1% in the year to December, rounding off the weakest year since 2012. The survey revealed marked declines across five of the eight broad retail sectors, with the falls most acute in durable goods categories. UK households will remain under strain in 2018 as the labour market weakens and borrowing rates increase – we have a 1% gain in real consumer spending in our latest forecasts for 2018, down from near-3% growth at the turn of 2017.

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