Why does the UK have the highest level of household spending in Europe?

Many consumer-facing businesses will be hoping for a bumper festive season as the annual spending frenzy builds towards Christmas Day and the Boxing Day sales. The UK has the highest level of household spending in Europe, with an annual expenditure of £50,000. This compares to £41,000 in Ireland and £35,000 in France. And, most importantly for retailers, discretionary spending - money spent on non-essentials - is also the highest in Europe. Simon was joined by Barret Kupelain, senior economist at PwC.