Posted 12/29/2023, 12:02:11 AM
UK Consumer Spending Growth Slows as Inflation Bites, But Experiences Still Prioritized
- Consumer spending growth slowed sharply to 4.1% as inflation and bills soared, a real-terms fall
- Dining out, clothes, and furniture spending fell as households balanced budgets
- Travel, entertainment, pubs saw rises as people prioritized experiences
- Shoppers increasingly went to discount grocers and bought cheaper brands
- Fuel spend dropped 10.7% on price cuts and fewer trips, but "lipstick effect" saw beauty spending rise
