British Heatwave, World Cup snap consumers of winter gloom: Visa, Consumer

Mon, 16 Jul 2018 – 11:06

[LONDON] British consumers accelerated their spending in June for the second consecutive month, the first consecutive increases in more than a year. On Monday, another sign indicates that the economy began its bad start in 2018.

Visa stated that inflation-adjusted spending on its credit and debit cards were higher by 0 , 7% to those of June of last year. World Cup football, after a rise of 0.9% in May.

Mark Antipof, Visa's chief commercial officer, said that a heat wave and the World Cup had resulted in a particularly sharp increase in spending in restaurants and bars.

The British economy experienced stronger growth in the second quarter of 2018 than during the first three months of the year, when the winter slowdown discouraged the Bank of England to increase interest rates.

time since the global financial crisis crisis on August 2nd.

Visa said spending in stores and retail establishments grew faster than online for a second consecutive month, the first time since 2012.

The Retail Sales Rally should also reflect growing optimism among consumers, as inflation falters and wages rise a little faster.

The accounting firm Deloitte said Saturday that consumer confidence in the second quarter has reached its highest level since its launch in 2011.

"British consumers are increasingly confident about Job Market Opportunities and Job Safety "Ian Stewart, chief economist at Deloitte, said. "With the jobless rate at its lowest in 43 years and skill shortages on the rise, the situation seems to point to a rise in real wages."

Annabel Fiddes, Economist at IHS Markit who conducted the survey for Visa The rise of the BoE and the uncertainty over Brexit could still make consumers more cautious.

"These key decisions will be crucial in determining the trajectory of the British economy and consumer spending," she said

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