However, there are also data that caution against writing off the UK consumer just yet. While retail sales have slowed markedly, spending in other areas, including big ticket items like cars, has remained robust.
Even though house price growth has softened, activity has remained broadly stable, with mortgage approvals for house purchase fairly steady at a respectable 68,000 per month, a little above the average prevailing in recent years.
While wage growth has stagnated in real terms (i.e. after taking account of inflation), the number of people in work is close to all-time highs. Indeed, despite the pressure on household income, consumer confidence remains fairly high by historic standards.
While the savings ratio has fallen to historically low levels, household balance sheets are in pretty good shape. Net wealth remains high, due to steady increases in asset prices (including house prices), which reduces the immediate need to save and provides a cushion for households.