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UK consumer spending slowed in September due to high energy costs and budget uncertainty, with retail sales up just 2.3% year-on-year.
UK consumer spending slowed in September, with retail sales rising 2.3% year-on-year—the weakest pace since May—while card spending fell 0.7% annually, marking the fifth straight month of declining essential spending.
Rising energy costs and uncertainty ahead of Chancellor Rachel Reeves’ November budget prompted many households to cut back, with nearly half adjusting spending habits and a third increasing savings.
Despite wage growth boosting consumer confidence to a four-year high, cautious behavior persisted, particularly in non-food items, as retailers face pressure from inflation, business rates, and weak holiday demand.
El gasto de los consumidores del Reino Unido se desaceleró en septiembre debido a los altos costos de la energía y a la incertidumbre presupuestaria, con un aumento de las ventas minoristas de apenas un 2,3% interanual.