Household spending ramped-up a tad more for Visa Europe in the U.K. during April, jumping 2.0% year-on-year (YOY) and 1.1% sequentially. Furthermore, expenditure growth was also recorded
on both the monthly and quarterly measures, indicating a broad-based improvement in underlying expenditure trends.
According to the latest Visa Europe: UK Expenditure Index data, this was the quickest annual increase in expenditure since last November.
Household expenditure increased through all three spending categories in April, with the strongest rate of increase seen through Online channels.
Online expenditure rose +4.2% on an annual basis in April, up slightly from +4.0 in March and the strongest increase in a year.
Spending volumes also rose solidly in Mail/Telephone Order categories in April (+2.6% on the year), though the rate of growth eased since March (+3.6%).
Face-to-Face categories meanwhile saw a modest upturn in spending during April (+1.0% year-on-year), offsetting a slight reduction in March (-0.3%).
Consumer spending increased in five of the eight broad expenditure sectors in April. The strongest increase continued to be recorded at Hotels, Restaurants & Bars, while growth was also solid in Household Goods categories. Health & Education, Recreation & Culture and Misc Goods & Services (which includes hairdressing and jewellery) also saw increases in spending in April.
Meanwhile, Clothing & Footwear retailers saw reduced spending for the fifth successive month in April, though the rate of decline was the slowest in this sequence. Expenditure meanwhile declined fractionally in Food & Drink and Transport & Communication categories.
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