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Consumer Spending Loses Momentum In March

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http://www.visaeurope.com/en/newsroom/news/articles/2011/visa_europe_q1_uk_exp.aspx

Consumer spending loses momentum in March but continues to grow

Q1 consumer spending increased 4.4% year on year and 0.5% compared to Q4 2010, according to the Visa Europe UK Expenditure Index

January spending bolstered the quarter's growth

These figures seem to provide a more balance view of consumer spending and are based on actual sales recorded by visa.

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Just to add that for us (hospitality) the shift from cash payments to card payments since January has been almost total.

We used not to have to withdraw cash for wages as throughput was sufficient for payroll.

Now we have to withdraw cash for wages every week. Transaction levels virtually unchanged from last year.

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Just to add that for us (hospitality) the shift from cash payments to card payments since January has been almost total.

We used not to have to withdraw cash for wages as throughput was sufficient for payroll.

Now we have to withdraw cash for wages every week. Transaction levels virtually unchanged from last year.

A break down between debit and credit cards would be interesting here. Debit carders are just using the convenience, but credit carders may genuinely not have the readies. (Although they may also be in for the convenience and the air miles.)

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A break down between debit and credit cards would be interesting here. Debit carders are just using the convenience, but credit carders may genuinely not have the readies. (Although they may also be in for the convenience and the air miles.)

Our VAT data will reveal this and is needed by end of month.

Will post data when available.

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maybe people are using their visa to buy daily goods that thay didnt buy on the card before.

My Nat West debit cards used to be Maestro/Switch. When they expired last year they were replaced with 'Visa Debit'.

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That would ruin the whole press release.

Who runs VISA?

Exactly. The not so subtle message in the press release is that VISA = 'Money'

I paid for a meal in a restaurant with cash the other day (as I always do) and one of the party gave me a strange look as I took the notes out of my wallet and then commented that she'd never seen anyone pay for a meal in cash before. :lol: It was as if VISA/MAESTRO/MASTERCARD is now synonymous with 'cash' in her (and I assume, most) people's minds.

That's quite a stunt these criminals have pulled in just 10 or so years. :angry:

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http://www.visaeurope.com/en/newsroom/news/articles/2011/visa_europe_q1_uk_exp.aspx

These figures seem to provide a more balance view of consumer spending and are based on actual sales recorded by visa.

Excuse me but could it not be the case that people are just buying more stuff on the credit cards as their cash flow gets worse?

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That would ruin the whole press release.

Who runs VISA?

Visa Europe is owned by their customers (members). I assume that's banks and large retailers. They don't just process Visa transactions. They handle all card authorisation systems on behalf of their members.

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Exactly. The not so subtle message in the press release is that VISA = 'Money'

I paid for a meal in a restaurant with cash the other day (as I always do) and one of the party gave me a strange look as I took the notes out of my wallet and then commented that she'd never seen anyone pay for a meal in cash before. :lol: It was as if VISA/MAESTRO/MASTERCARD is now synonymous with 'cash' in her (and I assume, most) people's minds.

That's quite a stunt these criminals have pulled in just 10 or so years. :angry:

Quite right. Don't forget that the retailer is charged for every transaction and that charge is ultimately paid for by you and I via higher prices.

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Excuse me but could it not be the case that people are just buying more stuff on the credit cards as their cash flow gets worse?

This is possible, consumer credit was up slightly last month. Would not change the fact that this says the opposite of the BRC though. Although HEW was -7bn which will hardly help retail sales.

These figures also do not include adjustment for Easter for which spending was almost all in Q1 last year but in Q2 this year.

I would argue that the BRC are protecting there VI in retail and are trying to influence economic policy.

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