Visa Inc (NYSE:V) reported decline in UK consumer spending in March by the most in over five years, as bad weather caused disruption to both businesses and consumers.
In a statement on their website, credit card company said consumer spending declined by 2.1% year on year, following 1% drop in February, to signal the steepest reduction since last October.
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On average, spending fell by 1.4% year-on-year over the first quarter, to mark the worst quarterly performance since the fourth quarter of 2012.
Online spending fell by 1.2% year-on-year for the first time since April last year.
Mark Antipof, chief commercial officer at Visa said that the decline was caused by the unusually cold weather and a dip in a consumer confidence.
He said: “We are in the midst of a dip in consumer confidence and this – coupled with other economic factors- is causing shoppers to continue to restrain themselves."
Visa said the steepest decline in spending was in the Transport & Communication sector, with strong falls registers in Household Goods and Recreation and Culture categories.
Meanwhile, the best performing sector was Food and Drink, with expenditure rising at the quickest pace for 11 months.