It's not just spending on goods and services that is faltering, though. So too is demand for housing. Bank of England figures on Thursday might confirm last month's picture that mortgage approvals and lending are both slowing down. Because of this, the Nationwide could well report that house prices have fallen for a fourth successive month, which would mean that prices adjusted for inflation are now lower than a year ago.
Things aren't all bleak for retailers, though. Polling group GfK could report next week that consumer confidence has been stable for months, perhaps because increased employment is offsetting cuts in real wages. And households are acting on this: Bank of England figures should show that consumer credit is growing strongly, suggesting that people aren't (yet) preparing for hard times.