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"Spending appears healthy despite credit crunch"

By admin | March 31st, 2008 | Cash Back & Rewards, General

According to a recent report many consumers in the UK are continuing to spend at healthy levels despite the financial hardship and problems that rising living costs and the credit crunch have brought. The month of February enjoyed a surprise boost in the level of retail sales, largely fuelled by healthy spending on food according to industry officials, and this has indicated that consumers are continuing to spend even whilst battling with financial worries.

One economist stated: “February’s surprising sharp jump in retail sales, if taken at face value, suggests that a consumer slowdown hasn’t even begun yet. It’s hard to see what is keeping consumers spending. Yet these figures suggest that they certainly are, boosting the chances that the Bank of England’s Monetary Policy Committee will hold on to May before cutting rates again.”

February saw food sales rise at the fastest pace since 2006, and over the Easter period shops reported healthy spending and packed out shopping centres. Although there are concerns over inflation on the price of food, many people may have had guests and relations coming over for Easter, which has come early this year, and may have been purchasing extra food to stock up over the Easter holidays.

The figures show that there was a rise of 1.0% on sales in February, which came as welcoming news, as many industry professionals had been expecting a drop of 0.2%. The figures come from the Office for National Statistics. Figures also show that this resulted in a rise of 5.5% on the year, rather than the expected lower figure of 3.6%.

Tags: credit crunch

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