Shoppers feel flush in the run up to Christmas
Consumer confidence has been growing in the run up to Christmas according to the latest survey from Lloyds Bank.
The report shows the overall spending power index rose by three points in November, standing at 161.
However, economic data from the bank shows year-on-year spending on essentials fell for the twelfth consecutive month in November, 1.6 per cent lower than at the same time last year, a record low.
Patrick Foley, chief economist at Lloyds Bank, said: “With price pressures for essentials still subdued, and some improvement in wage growth becoming evident, households are continuing to feel better about their personal financial situation.”
Footfall has dropped off this week on the high street and in retail parks as shoppers increasing buy online, according to analysts at Springboard.