Strike helps to boost spending
Published 08/12/2011 | 08:00
Consumer spending received a strong boost last week, driven by online sales during Mega Monday and the public sector strikes, Visa has said.
The Visa UK Christmas spend tracker found that week-on-week spending was up by 10.2%, including a 10.6% increase in spending on the internet.
Spending was also up by 2.3% on the same time last year, according to the survey, which projects figures using spending on all Visa debit, credit and prepaid cards as its base.
Dr Steve Perry, commercial director at Visa Europe, said: "Retailers received a boost last week with a strong jump in consumer spending.
"This was driven by the expected increase in online spending with Mega Monday and Wednesday's public sector strikes resulting in a 10.2% week-on-week increase."
But Dr Perry cautioned that spending remains "highly volatile", which is reflected in the four-week average figures which are down by 3.4% compared with the same period last year.