George Osborne has been given a warning about the health of the economic recovery ahead of the Autumn Statement after new data showed sluggish consumer spending in November. The data suggest that consumers remain reluctant to spend in the run-up to Christmas and highlights why many retailers were happy to offer heavy discounts on “Black Friday”, which is a US tradition. Despite the UK economists becoming positive in their outlook, concerns about consumer confidence remain. Household income is still being squeezed, with shop prices rising faster than wages. Sarah Quinlan, senior vice president at MasterCard Advisors, said: “November’s frosty retail figures reflect a waning consumer confidence on the high streets. Companies, including Marks & Spencer, have reported disappointing sales of autumn and winter clothing as warm weather in September and early October helped dissuade shoppers from buying winter coats and jumpers.
Posted on: Mon, 02 Dec 2013 12:06:30 +0000