Consumer spending is set for its weakest year since 2013 as shoppers rein in major purchases amid rising inflation and lacklustre wage growth. Visa’s consumer spending index, published overnight, shows consumer spending rose just 0.3 per cent in August compared with a year ago. Spending is now on course for its weakest 12-month period in four years, reports Alex Ralph. But there is no sign of a slowdown at Primark owner Associated British Foods which has posted an upbeat pre-close announcement ahead of its full-year results in November. Full-year Primark sales in the UK are expected to be 10 per cent ahead of last year on a comparable basis — that’s a performance rivals can only dream about.

Source: The Times September 11, 2017 08:03 UTC