Consumer squeeze hits London less than other UK regions
Consumer spending in 2022 is stronger in London than in other UK nations and regions, although most—if not all—of the gains occurred in the year’s first half. That reflects the interaction of a variety of factors, both on the supply and demand sides of the economy.
What you will learn:
- The macroeconomic background has not only deteriorated in recent months but if anything has become more uncertain. What we can say with reasonable confidence is that the most manufacturing reliant regions such as Wales and the East Midlands will be particularly hurt by global supply chain issues.
- Meanwhile, the recovery in hospitality is so strong that it will benefit all regions, even though this is not a large sector in GVA terms.
- London is the fastest growing region in 2022 and that is reflected in stronger wages growth than in other regions, which is giving some protection to the consumer economy in the capital. Again, Wales and the East Midlands are in the weakest positions.
Infographic: trends in office employment growth (2023-2027)
In Asia Pacific and in Europe, total employment growth in major cities over the period 2023-27 is likely to lag behind office employment. But in the US we project slightly slower growth in office jobs than in total employment.Find Out More
New estimates of local wealth from Oxford Economics
A lot of data exist regarding local differences in household income levels, but very little on differences in wealth. But the latter are very important in understanding the resilience of local economies, opportunities, and spending behaviour. To address this, we have produced wealth estimates at the local authority level for England and Wales.Find Out More
Office jobs outpace total city job growth, although not in US
In Asia Pacific and in Europe, total employment growth in major cities over the period 2023-27 is likely to lag behind office employment, with China seeing a particularly large gap between the two. In Canada, office employment will also slightly outpace the total.Find Out More