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That has created a vicious circle, in which falling consumer spending is expected to weigh further on the economy.
Housebuilders and UK banks have been among the hardest hit on fears of a UK recession and falling consumer spending.
Despite the economic downturn and falling consumer spending, supermarkets' expansion plans are at their most ambitious since records began.
American Express said less travel, a decline in mutual fund sales and falling consumer spending would probably push profits lower.
When the economy crashed, so, too, did the housing market; and with housing wealth falling, consumer spending was no longer turbo-driven by mortgage borrowing.
There is, simply, the short-term need to respond to the downturn: employment is falling, consumer spending flagging and credit conditions tightening.
Similar(43)
Incomes will fall, consumer spending will slow and the economy will sink further.
Deflation is disastrous for an economy, as Japan is discovering, because as the prices of goods fall, consumer spending grinds to a halt.
With interest rates and inflation falling and consumer spending rising, the economy is on track to beat last year's 4percentt growth.
And with growth in exports falling and consumer spending looking weak for the coming holiday season, economists predict that the summer's annual growth rate of 3percentt will evaporate this winter.
Though American paychecks are growing at their fastest rate this year and gas prices are falling, consumers are scaling back their spending.
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CEO of Professional Science Editing for Scientists @ prosciediting.com