UK consumer spending growth eased significantly in May following a strong April, with new data showing signs that rising household bills and ongoing economic uncertainty are beginning to curb shopper enthusiasm.
According to the British Retail Consortium (BRC),
Retail analysts pointed to early seasonal purchases and the drag from essential bill increases as key factors behind the softer performance. “While the sunshine continued, the pace of retail sales growth didn’t in May,” said Linda Ellett, UK head of consumer, retail and leisure at KPMG. “Households reflected upon the recent combination of essential bill rises, dampening some spending appetite.”
A separate report from Barclays also showed weakening momentum in overall consumer spending, which includes services and non-retail categories. Spending grew by 1.0% year-on-year in May, slowing sharply from April’s 4.5%. Nearly half of those surveyed by Barclays said they plan to cut back on discretionary spending, with consumer confidence slipping three points to 67%.
The softer data come as households continue to grapple with a 6% rise in the energy price cap that took effect in April, alongside broader cost-of-living pressures. With the Bank of England expected to hold interest rates steady at 4.25% next week, concerns about inflation and borrowing costs remain top of mind for both consumers and policymakers.
This article was written by Eamonn Sheridan at www.forexlive.com.Hence then, the article about uk retail spending slows sharply in may as cost pressures weigh on households was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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