Boom is back as consumer spend rises

The boom is back on the high street as spending on household goods had its sharpest rise in a year and a half.

According to the latest Visa consumer spending index, which measures expenditure across all payment types, there was a 5.3% year-on-year increase in household expenditure — the fastest expansion in spending seen since July 2016.

Continuing the recent trend, overall growth in consumer spending was led by face-to-face expenditure. Last month saw a 7.3% year-on-year expansion in spending on the high street, the most marked increase since February 2016. Face-to-face expenditure has now risen in each of the past five months.