Spending fell for a third consecutive month in July, according to Visa’s consumer spending index, which it said was the longest-running slump since February 2013. “Consumer spending fell for the third month in a row in July, the first time overall spending had fallen for three consecutive months since February 2013,” said Kevin Jenkins, Visa’s UK and Ireland managing director. Sales were down 3.5% despite summer sales being in full swing, according to the survey of retailers that between them have 10,000 stores. The Visa data pointed to an early surge in summer staycations boosting the domestic leisure industry, as the weakness of sterling made going abroad more expensive. “The leisure sector is likely to have benefited from an early surge in summer staycations, as the weak pound made holidaying at home more attractive,” said Jenkins.

Source: The Guardian August 06, 2017 22:52 UTC