Consumer confidence key to performance services sector | KPMG | UK

Consumer confidence key to the performance of the services sector

Consumer confidence key to performance services sector

Commenting on the Markit/CIPS UK Services PMI, Justin Zatouroff, head of business services, KPMG UK said:

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“The services sector rebounded in March to post the highest growth seen in a quarter, driven by those in the financial services sector. However, whilst these firms made strong gains, businesses reliant on consumer spending saw activity fall back, impacted in part by cash strapped consumers cutting back on discretionary spending. This impacted the overall performance of the sector. 

“Underlying inflation continues to accelerate and drive up prices for services, and these increases are being passed on to customers. The combination of input cost inflation and falling consumer confidence suggests that businesses in the services sector need to keep an eye on the horizon.”

 

ENDS

 

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