UK Household Spending Sees Negative Growth in Q3 2023

According to the latest data released on December 22, 2023, by the UK’s Office for National Statistics, household spending in Quarter 3 (July to Sept) 2023 experienced a negative growth of 0.5% when adjusted for inflation compared to Quarter 2 (Apr to June) 2023. However, there was a 0.7% increase in spending compared to the same period in 2022. In contrast, when compared to pre-COVID-19 pandemic levels in Quarter 4 (Oct to Dec) 2019, household spending decreased by 1.6%. The data provides insights into current consumer trends and economic growth, highlighting the ongoing impact of the pandemic on household expenditures.