November 2019 has shown poor consumer spending growth of only 0.9% on the same month last year.
The trend for saving money this year looks set to continue heading into the festive season, with the economic uncertainty of the upcoming general election potentially to blame according to a new Barclaycard report.
Department stores saw a drop of 5.9%, while electronics and clothing retailers fell by 5.0% and 3.3% respectively.
With 36% intending to spend less on Christmas this year, speculation is that the uncertainty of the coming general election may have spooked spenders.
Positivity about the UK economy is at a low of only 27% among those aged 18-34.
Spending on essentials showed no growth at 0.0%. Spending on fuel dipped by 3.1%, while supermarkets rose by a marginal 1.0%.
Spending on non-essentials, meanwhile, was up only 1.3%.
This included strong performances from the takeaway and fast food industry (+11.4%) and discount stores (+6.9%).
News Source: professionaljeweller
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
