Household spending in the European Union fell 0.1% in the last quarter of 2012, after a 1.7% decline in the third quarter, reads Visa Europe’s EU Consumer Spending Barometer.
“The reduction in spending was fractional, and the weakest in the current trend. Expenditure growth in the three largest economies, France, Germany and the UK, led to the weaker decline overall,” according to the survey.
However, Italy and Spain recorded further reductions, of 7.6% and 6.5%, respectively.
“2012 proved to be a subdued year for household spending across the EU with year-on-year contractions recorded in three of the four quarters. However, the year ended with spending heading in a positive direction and almost on a par with spending levels from 2011. A return to consumer spending growth for many of the largest economies in the EU is a welcome sign and as drivers of growth, it is a trend we hope to see continuing into 2013,” said Philip Symes, Chief Financial Officer at Visa Europe.