Consumer spending tanks, but not all to do with latest lockdown

Falling Covid case numbers are expected to boost consumer confidence

Consumer spending tumbled 14%, year-on-year, in January — with the predictable fall coming only in partial response to the Government reimposing strict social restrictions to fight the spread of the Covid pandemic.

Increases in sales of digital content and home-related spending were not enough to offset huge falls in spending on hospitality, travel, and clothing, according to a survey from payments company Revolut.