Press release -
Consumer spending bounces back in May
Annabel Fiddes, Principal Economist at IHS Markit said:
"The Visa UK CSI signalled a welcome pick up in consumer spending trends in May, with expenditure rising for the first time in nine months on the annual measure. Warmer weather and the Royal Wedding both likely contributed to the upturn in spend, with Face-to-Face categories posting the best performance for over a year-and-ahalf.
“While the improvement in the headline figure may reflect a bit of a bounceback from earlier in the year, when weather conditions may have hampered spending activity, it is too early to judge whether we can expect further increases in expenditure in the coming months. On the one hand, real wages are showing signs of improvement and consumer confidence has picked up. On the other, economic growth remains relatively lacklustre, and Brexit-related nerves may limit any improvements in spend in the coming months. “At the same time, UK economic growth has slowed, and the recent revival in wage growth has so far failed to translate into improved expenditure trends, adding to fears that spending will remain subdued in the coming months."
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About Visa:
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit (www.visaeurope.com), the Visa Vision blog (vision.visaeurope.com), and @VisaInEurope
About IHS Markit:
IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2018 IHS Markit Ltd. All rights reserved.
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