Food and restaurant sectors experienced growth last July, report says
The said sectors had an increase despite the consumer spending’s 0.9% decline.
The UK Consumer Spending Index by Visa and IHS Markit reports that the Food, Beverages & Tobacco and the Hotels, Restaurants & Bars sectors rose for the month of July with 3.5% and 2.5% respectively.
Both sectors had the strongest increases that is said to be driven by the warm weather and the recent World Cup.
“Food and drink, followed by hotels, bars and restaurants, saw the highest spending increases of all categories in July, which the warm weather and football clearly contributed to. However, retailers of household goods and those operating within recreation and culture noted significant declines, an indication that household budgets are stretched,” Mark Antipof, chief commercial officer at Visa, said.
The household goods fell to -3.2% while the Recreation & Culture went to -3.9%, which are said to be in a faster pace. Other categories included in the study are Transport & Communication (-4.1%), Miscellaneous Goods and Services (-1,8%), Clothing & Footwear (+1.0%) and Health and Education (+0.3%).
