mercredi 25 mars 2015
Preview: UK Retail to Bounce Back as Demand for Credit Soars
Posted on 09:37 by nice news
UK retail sales disappointed in January, following a strong growth in 2014 fourth quarter, when sales increased most since April 2002. Between January and February, both the total sales and sales excluding auto and fuel are expected to have picked up 0.4%, from the previous month's declines of 0.3% and 0.7%, respectively. The Office for National Statistics (ONS) is releasing February data on Thursday, 9:30 am GMT.
Significantly low inflation expected for this year should continue to bolster consumer spending in the upcoming quarters. Consumer price inflation hit zero in February and is forecast to fall even further in the next two months, before stabilizing slightly around zero for the rest of the year.
A report on the sharp increase in demand for consumer credit also indicates that shoppers feel buoyant about larger purchases, such as cars or home improvements.
In its February survey of UK high-street banking activity, the British Banking Association (BBA) informed "stronger demand for personal loans continues to reflect greater credit availability and improved household finances."
Credit card use continued to increase with 188 million purchases made in February, in the total value of £10.9 billion, which the BBA said was 6% higher than in February last year.
“Demand for loans and other types of personal borrowing is rising at its fastest rate since the financial crisis. Consumers are feeling increasingly confident about buying big ticket items, such as cars or home improvements, as the recovery really begins to take hold," BBA chief economist Richard Woolhouse commented on the survey on Wednesday this week.
Significantly low inflation expected for this year should continue to bolster consumer spending in the upcoming quarters. Consumer price inflation hit zero in February and is forecast to fall even further in the next two months, before stabilizing slightly around zero for the rest of the year.
A report on the sharp increase in demand for consumer credit also indicates that shoppers feel buoyant about larger purchases, such as cars or home improvements.
In its February survey of UK high-street banking activity, the British Banking Association (BBA) informed "stronger demand for personal loans continues to reflect greater credit availability and improved household finances."
Credit card use continued to increase with 188 million purchases made in February, in the total value of £10.9 billion, which the BBA said was 6% higher than in February last year.
“Demand for loans and other types of personal borrowing is rising at its fastest rate since the financial crisis. Consumers are feeling increasingly confident about buying big ticket items, such as cars or home improvements, as the recovery really begins to take hold," BBA chief economist Richard Woolhouse commented on the survey on Wednesday this week.
Preview: UK Retail to Bounce Back as Demand for Credit Soars
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