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Business / Finance

In the UK, consumer spending and confidence rose in January

The RSS feed "News line of Forex" 11.02.2020 at 18:41

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Consumer spending in the UK grew strongly at the beginning of the year, and consumer confidence has reached its highest level over the past three years, showed a poll published by Barclaycard on Tuesday.

Consumer spending increased in January by 3.9 percent year on year, driven by higher fuel costs 4.3 percent and sales growth in the supermarket by 3.7 percent.

Costs for goods of secondary need, increased by 4 percent and spending on health and beauty increased by 5.9 percent. Spending on entertainment rose 6.8 percent, due to 22% growth in spending in cinema, as the mass audience came to see the movie "1917".

the Christmas holidays led to increased costs of travel agents and airlines by 4.2% and 3.2%, respectively.

meanwhile, the cold weather led to reduced spending in restaurants for the third consecutive month, which is 3.5 percent lower. On the contrary, the cost of shipping food rose by 11.4 percent. Sales of clothing and electronics also fell.

the Survey showed that 42 percent of consumers were optimistic about the economic prospects of the country, that is the most positive figure since September 2016, and 74% also felt confidence in the finances of their households, which is the highest figure since February 2019.

nonetheless, 51 percent of the adult population of the UK believes that economic growth may decline in the next few months, while 56 percent said they have become more aware of their personal impact on the environment and, therefore, intend to change their behaviour.

in addition, a third of shoppers plan to reduce purchases of plastics. Spending in discount stores rose in January to 9.5 percent.

Data on consumer expenditure are presented for the period from 23 December 2019 to 24 January 2020, and the survey of consumer confidence was conducted from January 24-27, company Longitude Research on behalf of Barclaycard among 2 004 respondents.