Spending boosted over Jubilee period
Restaurants saw the biggest rise in spending during the period leading up to and covering the Diamond Jubilee celebrations, according to new research by Lloyds TSB.
Suren Thiru, economist at Lloyds TSB, commented:
“Although care needs to be taken when interpreting short-term data movements, there was a welcome improvement in spending in the weeks leading up to and including the Diamond Jubilee bank holiday. The fact that restaurants and food and drink both saw reasonable increases could be a sign that the many jubilee and street parties had a positive effect on spending over this period. However, it is also likely that the warm weather towards the end of May will have influenced this. This may also be the case with the improvements seen to spending in department stores, as people updated their summer wardrobes.
“However despite this modest boost, household incomes remain strained, and will have suffered from the additional holiday, meaning any uplift is likely to be short-lived as the outlook for the high street remains subdued."