# Early Easter adds to woe of retailers suffering from low consumer confidence

By Derren Nathan — 2026-05-12

Derren Nathan, head of equity research at Hargreaves Lansdown, said: “Cost pressures are contributing to downbeat consumer data for April, out today from Barclaycard and the British Retail Consortium.

“Barclaycard said card spending fell 0.1 per cent year-on-year, the first decline since 2024.

“Staying at home is coming back in vogue, with digital content and subscription spending rising 9.2 per cent – a sharp contrast to the 5.7 per cent decline in travel, with airline spend down a further 8.3 per cent.

“It’s in times like these that airline business model strengths and weaknesses become apparent. Among the UK-listed names, IAG stands out as a high-margin business, with a diverse route network and a sensible fuel-hedging strategy.

“The British Retail Consortium April report showed a three per cent decline in retail sales for April.

“However, the timing of Easter was a considerable drag. March and April combined make for a more meaningful comparison, with sales up 1.5 per cent.

“The Easter shift was likely the key reason for a 2.5 per cent decrease in food sales, but big-ticket items also fell, and consumer confidence remains fragile.”

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