October brought highest growth in consumer spending since 2011, says Barclaycard
Consumer spending rose 5.5% year-on-year in October, the highest growth since Barclaycard began publishing data on consumer finances in 2011.
Entertainment was a strong driver, up 12.7%, with cinema spending at record high of 20.9% and pubs and restaurants posting double-digit growth.
Not all rises were due to consumers splashing out though, with the weakening pound helping push petrol to a 26-month high of 6.6% and hotels up 11.2%
Consumer sentiment suffered a marked drop, with only a third of people feeling confident in the UK economy (compared with nearly half in September), and 81% expecting prices to rise.
“The backdrop of ‘hard Brexit’ headlines, the weakening pound and high-profile issues such as ‘Marmite-gate’ mean consumers are starting to worry about the impact of inflation on their everyday lives,"said Barclaycard managing director Paul Lockstone.
"As we approach Christmas, an expensive time in many households, many consumers are telling us they plan to rein in their spending to ensure they are able to make ends meet.”
Barclaycard said its data is based on processing nearly half of all the nation’s credit and debit card transactions.
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- managing director
- bakery news
- consumer spending
- 5.5% increase
- Paul Lockstone
- cinema spending
- pubs and restaurants
- Consumer sentiment