UK - Consumer spending trends will continue downwards despite an Iraq war rebound and a recent surge in web trading, Isis Asset Management predicts.
Retail sales rose 1.6% in the second quarter while National Office of Statistics figures show “non-store retailing” increased 3% in June.
But Isis chief economist Steven Andrew believes the rise in retail sales should be seen as a “rebound” after the Iraq war while the growth in web sales he attributes to the success of the fifth Harry Potter book.
Amazon UK said 30,000 customers placed advanced orders for JK Rowling’s Harry Potter and the Order of the Phoenix, within 24-hours of Bloomsbury announcing its publication.
But Andrew said: “The monthly data-flow aside, we still view the trend decline in UK consumer spending as likely to persist for some time.”
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