There has been another marked fall in consumer spending in recent weeks, Marks & Spencer executive chairman Sir Stuart Rose has said.

“There’s been a step-down in the last two or three weeks,” Rose told the Drapers Fashion Summit. “I don’t think there’s anyone who hasn’t seen a softening.”

Rose’s comments chime with anecdotal reports from other retail chiefs, who say that the swingeing interest rate cut at the start of this month has made no difference to spending.

Retailers believe that fears over rising unemployment will keep the lid tightly on spending for the forseeable future.

Rose said that “the signs are not encouraging” for Christmas but warned that, although cost reduction will be a vital focus, it was important to keep investing in growth opportunities, such as international expansion.

“You can cut and cut and cut, but you’ll end up cutting an artery,” Rose observed.

He said the retailers that would emerge form the downturn in the best shape were those that had a clear place in consumers’ minds.

Rose said: “It’s about being consistent in what you do. You can’t be all things to all men. You have to have a point of view – ours is quality.”

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