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UK consumer spending falls sharply in Christmas week

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By Reuters
UK consumer spending falls sharply in Christmas week
UK consumer spending falls sharply in Christmas week   -   Copyright  Thomson Reuters 2022

LONDON – British consumer spending on credit and debit cards fell sharply in the week to Dec. 30, which covered the Christmas holiday period, according to non-seasonally adjusted figures released by the Office for National Statistics on Thursday.

Card spending dropped by 40 percentage points from the previous week to 86% of its average level in February 2020, before the COVID-19 pandemic.

“This fall appears broadly consistent with a seasonal effect,” the ONS said.