Consumer spending in Northampton has fallen by just four per cent since the recession officially started, according to new figures published today.
Research by Barclays, using their database of six million customers, also showed it dropped off less in the East Midlands than any other region in the UK and while spending in Nottingham fell 10 per cent - just under the regional average - and Leicester eight per cent, the fall in Northampton was markedly less since the fourth quarter of 2008 when the recession officially began.
The research, which is published on the day new Treasury figures show the UK economy grew in the last quarter by 0.3 per cent, thus avoiding a triple dip recession, claims families aged 40-60 have seen the biggest reductions in consumer spending with a 15 per cent decrease, while consumers aged 60 plus have only seen a 13 per cent reduction.
The research also highlighted the squeeze on consumer spending is hitting everyone as the biggest income earners (£100k+) have seen the biggest reduction in consumer spending (20 per cent) since 2008 while people earning less than £30k have watched reductions of only 15 per cent because they have less disposable income to allocate and less spending to tighten.
David Gibbons, regional director for Barclays in the East Midlands said: “A real reduction of 11 per cent across the East Midlands before even taking into account inflation shows it has been a difficult period for consumers whose household budgets have been squeezed to cope with rising costs.”