Latest figures show that UK consumer spending was up 2.4 per cent year on year in September, following a flat month in August.
According to the Visa UK Consumer Spending Index the increase in spending was driven by online purchases which increased at its fastest rate since April.
Commenting on this, UK & Ireland managing director at Visa, Kevin Jenkins, said: "The gap between e-commerce and high street retailers continues to widen, with the former posting six per cent growth, while the latter saw spend remain almost flat."
The fastest growth in consumer spending was seen in the recreation and culture industry, followed by hotels, restaurants and bars.
“Growth was once again driven by the experience economy," Jenkins continues, "as people spent more on meals out, family holidays and trips to the theatre. On the other hand, clothing and footwear suffered another fall in sales, with little evidence of the back-to-school ranges providing any significant boost.”
At Beavis Morgan, we have extensive experience of working with clients in the retail, hospitality and tourism sectors and our professionals are acknowledged experts in issues affecting organisations operating in this area.
If you have a business idea or would like to discuss how we can help you improve business performance, contact Matthew Burge.
Further reading:
SMEs must move with the times to remain competitive
Retail and tourism boosted by slump in the pound
More cost effective décor market to outperform home retail sales