‘Worryingly consistent performance’ across the board when it comes to the reduction in market activity, says agency MD
Recent reports have revealed that transaction levels in England and Wales have decreased significantly in the past year. This is a worrying trend for the economy, as it suggests that consumer confidence is waning and people are not spending as much as they used to.
The Office for National Statistics (ONS) has released figures showing that the number of transactions in England and Wales fell by 8.3% in the year to June 2019. This is the biggest drop since records began in 1997 and is a stark contrast to the 2.2% increase seen in the previous year. The decrease was driven by a fall in the number of transactions for both goods and services, with the latter dropping by 11.3%.
The decrease in transaction levels is likely due to a combination of factors. Economic uncertainty caused by Brexit has undoubtedly had an impact, as people are less willing to spend money when they are unsure of what the future holds. In addition, rising prices and stagnant wages have left many people feeling the pinch, meaning they are less likely to make big purchases.
The decrease in transaction levels is concerning for the economy, as it suggests that consumer confidence is low and people are not spending as much as they used to. This could have a knock-on effect on businesses, as reduced consumer spending could lead to lower profits and fewer jobs.
The government must take action to address this issue and ensure that consumers feel confident enough to start spending again. This could include measures such as reducing taxes, increasing wages, or providing incentives for businesses to invest in their workforce.
In conclusion, transaction levels in England and Wales have decreased significantly in the past year, which is a worrying trend for the economy. The government must take action to ensure that consumers feel confident enough to start spending again, as this could help to boost the economy and create more jobs.