Consumer spending has dropped to its lowest since the third quarter of 2013.
According to Visa’s Consumer Spending Index, June spending rounded off the worst quarter for almost four years.
The index, which reflects overall consumer spending, reported household expenditure declined on an annual basis for the second month running (-0.3%), while overall spending in Q2 fell by 0.3% year-on-year – the lowest since Q3 2013.
Face-to-face spend decreased 2.4% year-on-year, and while growth in the eCommerce sector grew 2.9%, it did so at a slower rate.
