EU Consumer spending rose by 0.5% in Q3 of 2011
EU Consumer spending rose in the third quarter of 2011 by 0.5% in annual terms, compared to 2.1% reported strong advance during April-June, which is the lowest growth rate recorded in 2011, According to the Barometer of Visa Europe in consumer spending.
"EU Consumer spending rose for the eighth consecutive quarter. However, growth slowed in the period from July to September, compared with the second quarter, in 21 of the 27 Member States of the bloc. Major European economies reported impairment of development costs compared with the second quarter, namely France (-0.5%), Germany (+0.9%) and UK (1%), "the release says.
In contrast, several countries in Central and Eastern Europe have seen a steady expansion in consumer spending.
Lithuania and Latvia have reported the largest increase in consumer expenditure, 15.4% and respectively 13.2%, followed closely by Estonia (9.9%), Czech Republic (+5.6% ) and Slovakia (+5.6%). However, consumer spending rose unexpectedly in Spain, 2.5%, and decreased by 1% in Italy.
Barometer of consumer spending in the EU Visa Europe was based on the amounts actually spent, not on sentiment or opinion, these data were then adjusted to reflect and issuing Visa cards, consumer payment preferences and inflation.
"The Barometer is an economic indicator because it provides the secure accurate and comprehensive picture of consumer spending in the EU situation. Unlike other indicators or other studies that are based on feelings or opinions of certain sectors, this Barometer accurately reflect consumer spending real in the EU, taking into consideration the growing consumer credit card to pay, given that one? of every 8? spent in Europe is paid with a Visa card, "the communiqué says.
"Consumer spending in the EU have maintained an acceptable growth rate despite the turmoil that hit European markets in recent years. Although they reported the lowest advance in 2011, spending rose for the eighth consecutive quarter," said Director Visa Europe's financial, Philip Symes.
More than one euro in eight EU is spent on a Visa card, over 70% of these expenditures are made on debit cards. This means that a unique Barometer offers a complete and current situation on consumer spending in the EU.
Barometer of consumer spending in the EU Visa Europe has been conducted on the basis of expenditure incurred on all cards issued by Visa - debit, credit and prepaid. Mark Barometer developed by creating a model that adjusts the raw data on Visa transactions depending on several factors.
First, data is changed according to changes in the number of Visa cards issued in order to consider extending the work Visa. Subsequently, an adjustment is made to compensate for changes in card payment behavior of consumers. This is based on an assessment of trends for the withdrawal of cash and making transactions through Visa POS terminals. Finally, to take account of inflation, the data are adjusted for changes in the consumer price index to provide an indicator of real changes in the level of household expenditure.
Visa data refers to a wide range of sectors, not only at retail, because cards are increasingly used for making payments and utilities, taxes.
In Europe there are over 430 million Visa debit, credit and business. At the end of the year ending March 2011, those cards were used for payments and cash withdrawals valued at 1.6 trillion euros. 12.5% of expenditures in Europe were made with a Visa card and over 70% of these transactions were made on Visa debit cards.
Visa Europe is owned and operated by more than 4,000 European member banks, which was incorporated in July 2004. In October 2007, Visa Europe became independent of the new global Visa Inc.., With an exclusive license, irrevocable and perpetual in Europe.
Visa is the largest global acceptance and Visa / Plus is one of the largest ATM networks in the world to provide cash in local currency in over 200 countries.