Visa Consumer Spending Index June 2020
Visa’s UK overall expenditure fell by 6.5% year-on-year in June – a marked improvement on the 19.9% decline in May and the strongest performance since February. This was predominantly driven by the government’s easing of lockdown restrictions in mid-June, as well as a record increase in ecommerce spending.
- Even though volumes fell in six out of the eight broad sectors covered in June, there have been improving rates in each sector compared to the previous month.
- Food, Beverages & Tobacco (+27.2%) and Household goods (+29.9%) were the strongest performing in June.
- At the other end of the spectrum, Hotels, Restaurants & Bars (-55.9%), Health & Education (-35.9), Transport & Communication (-29.9%) and Clothing & Footwear (-13.5%) continued to record significant declines. Elsewhere, shallower declines were reported in Misc. Goods & Services (-6.9%) and recreation and Culture (-5.8%).
Visa Consumer Spending Index – June 2020
- By channel, face-to-face spending fell by 20.1% in June, year-on-year – improving on the sharp decline in the previous month (-32.9%).
- Ecommerce spending rose at a record rate of 15% in June, and marked a turnaround on the 0.4% fall in May.
- It should be noted that Visa expresses growth in volume terms. Adjusting for inflation means Visa’s overall spending data remains weaker than the sales data reported by the BRC-KPMG Retail Sales Monitor.
Visa Consumer Spending Index – Three months to June
Source: Visa, (note – data not adjusted for seasonality)
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