Economic Activity And Social Change In The UK, Real-time Indicators: 26 October 2023

27th October 2023

Seasonally adjusted "work-related" spending, which includes spending on automotive fuel, has risen 15% since the end of August 2023, coinciding with a fall in "delayable" spending; meanwhile, overall UK retail footfall decreased to 96% of the previous week and was slightly down on the equivalent week of 2022 (Bank of England CHAPS, Springboard). Section 3: Consumer Behaviour.

The two main concerns reported by businesses for November 2023 were falling demand of goods and services and energy prices, with both increasing from the previous month (initial results from Wave 94 of the Business Insights and Conditions Survey). Section 4: Business and workforce.

The total number of online job adverts increased by 2% when compared with the previous week; this number was 5% below the level in the equivalent period of 2022 (Adzuna). Section 4: Business and workforce.

Both the System Price of electricity and the System Average Price (SAP) of gas continued to rise by 32% and 2%, respectively; with the System Price of electricity almost doubling in the last two weeks; both have increased from the equivalent week of 2022 at 22% and 89%, respectively (Elexon, National Gas Transmission). Section 5: Energy.

Transport indicators showed decreased levels of activity in the latest week, with the daily average number of UK flights seeing its sixth consecutive week-on-week decrease, in line with usual seasonal expectations and traffic camera activity for cars decreasing by 2% when compared with the previous week (EUROCONTROL, Transport for London). Section 6: Transport.

Revolut spending on debit cards
Total Revolut debit card spending fell by 1% in the week to 22 October 2023. Of the six sector categories, four decreased, one remained unchanged and one increased. The largest decrease was in "pubs, restaurants and fast food" falling by 3%. "Travel and accommodation" remained unchanged while, "entertainment" rose by 4%.

Total Revolut debit card spending was 11% higher than the equivalent week of 2022. "Food and drink" spending was 18% higher, while both "retail" and "automotive fuel" spending were 14% above this level.

Overall retail footfall in the week to 22 October 2023 decreased by 4% when compared with the previous week. This level was 98% of the level seen in the equivalent week of 2022 and 86% of the level seen in the equivalent week of 2019.

Footfall decreased in two of the three location categories when compared with the previous week, with high street and shopping centre footfall decreasing to 94% and 98%, respectively. Footfall in retail parks remained unchanged from the previous week. Compared with the equivalent week of 2022, footfall increased in retail parks to 102% of the previous year's level, while footfall in shopping centres and high streets decreased to 98% and 97%, respectively, of the level in the equivalent week of 2022.

Read the full report HERE