Consumer Spending in the UK Contracts in Q3 2023

In the third quarter of 2023, household spending in the UK contracted by 0.5% when adjusted for inflation compared to the previous quarter. Despite this decline, spending showed a 0.7% increase compared to the same period in 2022. However, when contrasted with pre-pandemic levels in Q4 2019, household spending witnessed a decrease of 1.6%. These figures, released by the UK National Statistics Office, indicate the complex impact of economic factors and the ongoing challenges posed by the COVID-19 pandemic.