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Note: Reporting periods are either one month or two months behind the current month as standard.
Consumer spending soared by a whopping 19.5% in the third quarter of 2020 – the sharpest quarterly growth rate on record. Total Expenditure recovered on previous quarter’s decline and amounted to £304,229m in Q3 2020. On an annual basis, consumer spending contracted by 10.1% in Q3 compared with the same quarter a year ago. The easing of lockdown restrictions boosted consumer-facing industries. Restaurants & Hotels (+566.3%), Transport (+73.0%), Clothing & Footwear (+40.3%) and Recreation & Culture (+8.4%) were the leading growth sectors in Q3 2020 on quarterly basis. With the exception of Furniture & Household Equip. (+0.8%), Housing, water, elec. & Gas (+1.7%), Alcoholic Beverages (+4.6%) and Food & Non- Alc. Bev (+4.6%), most sectors failed to meet last year’s consumption levels. GDP rose by a record 16.0% in Q3 2020 from the previous quarter, revised up by 0.5 percentage points from the previous estimate. This follows a record contraction of 18.8% in the second quarter. All components registered record rises in the third quarter; services (+14.7%), production (+14.7%) and construction (+41.2%). A remarkable increase in consumer spending resulted in the households savings ratio declining to 16.9% in Q3 2020, down from 27.4% in Q2 2020. Notably, the inequality between those that are able to save for the future and those that struggle in making any savings (lower-income households), becomes more apparent.
Consumer spending rises at record rates
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Retail Economics publishes quarterly UK Consumer reports which draw upon a range of data sources to give you cutting edge insights that you can implement within your business.
Consumer spending accounts for two thirds of the economy of which one third passes through the retail sector. Analysing the underlying consumer market trends is vital in forming a view of the strength of the retail sector. This in-depth report is designed to keep you abreast of the latest consumer trends, drawing upon a range of economic sources to provide you with a comprehensive overview of the fundamental drivers.
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