With seven weeks to go it seems UK consumers
are yet to get into the Christmas spirit as Visa reports a 0.3% dip
in total spending across all Visa products when compared to the
same point last year.
Total spend on the 91m Visa debit, credit and
prepaid cards in the UK was £7bn ($11bn) on the week ending
November 7. This figure had fallen by 5.7% when compared to the
previous week ending October 31, where total spend reached £7.4bn.
The same week also saw the average transaction value drop by 87
pence to £48.53.
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Despite this drop high-street expenditure grew
slightly, with a 1.2 % rise year-on-year in the same week
period but online expenditure dropped by 5.6%.
“Our spend data suggests that many consumers
have not yet geared up for Christmas shopping, and may be planning
on saving most of their gift buying until a little later,” said Dr
Steve Perry, commercial director at Visa Europe.
“That said there are certainly reasons for
cheer, particularly in certain online sectors such as food and
drink and household goods. If spending trends continue to
follow a similar pattern here, some online retailers could have a
very happy Christmas this year.”
The data forms the first Visa Christmas Spend
Tracker, which is intended to give a clear and accurate picture of
UK consumer spending in the run-up to Christmas as it is based on
actual spend. The report will be published weekly.
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By GlobalData
