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Global consumption growth set to return in coming year
THE GLOBAL consumption slowdown may have come to an end in October, data hinted today, after growth bounced back from August and September lows.
Global consumption grew 1.7 per cent in the year to October, according to PwC’s global consumption index, up from 1.5 per cent in September. Consumption momentum climbed to one per cent in October, up from 0.2 per cent the month before, and minus 0.1 per cent in August.
PwC economist Richard Snook, lead author of the report, said this indicated global consumption could return towards trend growth next year.
“We…expect a gradual recovery in global consumer spending during 2013,” Snook said.