Barclaycard study points to two year low in customer confidence
Further signs that the UK economy is heading for trouble have emerged as an influential study found that consumer confidence is on the slide.
Barclaycard said in a report, published today, that consumer spending, which has been rising for years as people enjoyed low inflation, low borrowing costs and modest wage rises, was now barely moving upwards.
Consumers spent 1.6 per cent more in March than they did the same month a year ago, the slowest rate of increase in more than two years.
Nearly one in two of respondents to a Barclaycard survey said they were being more cautious in their spending now than even just a few weeks ago.
Paul Lockstone, managing director at Barclaycard said: “Since the turn of the year we have seen a steady fall in the rate of spending growth, but the continuing impact of global economic headwinds and an uncertain outlook really caught up with consumer spending last month”