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High street spending 'fell in December'

Spending on the high street using credit cards and other payment methods decreased last month, it has been reported.

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25 January 2010

High street spending 'fell in December'

Consumer spending in December 2009 was a third less than the 1.1% rise expected by analysts, marking the weakest December retail sales figures since 2007, Travelex noted.

The sterling fell against several currencies following the news, the non-bank FX payments specialist noted.

Mark Bolsom, head of the UK trading desk at Travelex, commented, "Whilst our labour market is steadying, the downside is that with inflation increasing, prices are going up, and our earnings growth is steadily weakening - which therefore is affecting our spending habits on the high street."

He added that credit card and other spending is affected by uncertainty about people's financial futures, which means they cannot afford to spend extravagantly.

Those planning a trip abroad may want to consider tracking exchange rates to lock into a good rate using a prepaid currency card before they travel.

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