The decision to leave the EU has not taken an effect on shoppers after Barclaycard data has shown that spending and retail sales increased during the second quarter.
May and June saw growth of 3.6%, as consumers’ spending remained optimistic in the run-up to the EU referendum.
Barclaycard’s data also showed consumer spending holding up well in the week following the outcome of the referendum. Despite the economic doubt in the aftermath of the result, spending increased 2.14% versus the prior week.
Spending on entertainment remained potent – increasing by 10% throughout the quarter as consumers continued to treat friends and family.
Pubs recorded a rise of 12.1%, and climbed 0.6% in June, due to football fans bombarding pubs to watch the European Championships last month.
Spending in restaurants also proved healthy, up 11.6% across the quarter and 11.2% in June, as it was Father’s Day.
Paul Lockstone, managing director at Barclaycard, said: “While it’s too soon to draw long-term conclusions on how spending and sentiment have been affected by the outcome of the referendum, the early indication is that the majority of consumers avoided a knee-jerk reaction.”
He added: “Spending grew in the week immediately following the vote, suggesting that shoppers were pleased that the uncertainty that has hung over the economy had at least in part been lifted.”
Barclaycard processes nearly half of the entire nation’s credit and debit card transactions.
In June, David Smart, director of Greenhalgh’s Craft Bakery in Bolton, told British Baker that the Brexit chaos was just “a storm in a teacup” for businesses.