AGL 38.25 Increased By ▲ 0.03 (0.08%)
AIRLINK 134.49 Increased By ▲ 5.52 (4.28%)
BOP 8.74 Increased By ▲ 0.89 (11.34%)
CNERGY 4.74 Increased By ▲ 0.08 (1.72%)
DCL 8.75 Increased By ▲ 0.43 (5.17%)
DFML 39.39 Increased By ▲ 0.45 (1.16%)
DGKC 85.60 Increased By ▲ 3.66 (4.47%)
FCCL 35.20 Increased By ▲ 1.78 (5.33%)
FFBL 76.00 Increased By ▲ 0.29 (0.38%)
FFL 12.83 Increased By ▲ 0.01 (0.08%)
HUBC 110.30 Decreased By ▼ -0.06 (-0.05%)
HUMNL 13.93 Decreased By ▼ -0.08 (-0.57%)
KEL 5.36 Increased By ▲ 0.21 (4.08%)
KOSM 7.77 Increased By ▲ 0.10 (1.3%)
MLCF 41.40 Increased By ▲ 1.60 (4.02%)
NBP 70.10 Decreased By ▼ -2.22 (-3.07%)
OGDC 190.39 Increased By ▲ 2.10 (1.12%)
PAEL 26.23 Increased By ▲ 0.60 (2.34%)
PIBTL 7.39 Increased By ▲ 0.02 (0.27%)
PPL 157.00 Increased By ▲ 4.33 (2.84%)
PRL 25.94 Increased By ▲ 0.55 (2.17%)
PTC 19.19 Increased By ▲ 1.49 (8.42%)
SEARL 82.69 Increased By ▲ 0.27 (0.33%)
TELE 7.85 Increased By ▲ 0.26 (3.43%)
TOMCL 34.11 Increased By ▲ 1.54 (4.73%)
TPLP 8.74 Increased By ▲ 0.32 (3.8%)
TREET 17.12 Increased By ▲ 0.34 (2.03%)
TRG 57.89 Increased By ▲ 1.85 (3.3%)
UNITY 28.99 Increased By ▲ 0.21 (0.73%)
WTL 1.33 Decreased By ▼ -0.02 (-1.48%)
BR100 10,704 Increased By 45.7 (0.43%)
BR30 31,871 Increased By 540 (1.72%)
KSE100 99,572 Increased By 303.2 (0.31%)
KSE30 31,005 Decreased By -27.6 (-0.09%)

British shoppers reined in their spending by the most in more than four years in October, according to a survey by payments company Visa which added to other signs that the squeeze on incomes is hitting the high street. Consumer spending - adjusted for inflation and seasonal effects - fell by 2.0 percent in October compared with the same month last year, Visa said, based on its credit and debit card data. It was the fifth fall in the last six months.
In monthly terms, spending was down 0.9 percent from September. "The figures are a stark indicator of the strain on household budgets even before the Bank of England's recent interest rate rise," Mark Antipof, Visa's chief commercial officer, said. The BoE last week increased its benchmark borrowing rate to 0.50 percent from 0.25 percent, despite many private economists warning that high inflation and weak wage growth was already squeezing household spending hard.
A survey published on Monday showed British employers expect to raise pay for their workers only a little despite strong demand for staff and already low unemployment. Visa said clothing and footwear suffered the biggest fall in October, down an annual 9 percent, as warm weather put shoppers off buying winter clothes. Falls were also seen in other key areas of spending such as on food and drink and recreation and culture which until recently was growing strongly. Visa said November's so-called Black Friday and Cyber Monday sales would provide a clearer sign of how the Christmas season was shaping up.

Comments

Comments are closed.