UK Household Spending Shows Slight Contraction in Q3 2023

The latest release of the Consumer Trends report for the UK, covering the period from July to September 2023, reveals a modest decline in household spending growth. Adjusted for inflation, the quarter witnessed a negative growth of 0.5% compared to the preceding quarter. However, in a year-on-year comparison with the same period in 2022, household spending increased by 0.7%.

When benchmarked against the pre-coronavirus (COVID-19) pandemic period in Quarter 4 of 2019, household spending displayed a decline of 1.6%. The data, accredited as National Statistics, provides insights into household final consumption expenditure (HHFCE), a crucial economic growth indicator encompassing all spending on goods and services by UK households.

The report underscores the impact of inflation and evolving consumer trends on the country’s economic landscape. For further details and in-depth data, the complete Consumer Trends report is available for analysis.