Brits slash spending and stockpile goods ahead of potential no-deal Brexit
Young adults appear most concerned, with a quarter of 18-34-year olds stockpiling everyday items, according Barclaycard’s latest consumer spending report.
The research reveals Brits are nervous about the future of the UK economy, with spending up by a meagre 1.3 per cent year-on-year last month, less than a third of the growth seen in August 2018.
Essential spending rose by just 0.6 per cent, while supermarket expenditure increased by a modest 1.3 per cent.
Discount stores were the big winners, with spending up 8 per cent.
Spending in pubs and restaurants remained robust at 11 per cent and 9 per cent respectively.
Esme Harwood, director at Barclaycard, said: “August’s figures signal the end of a fairly subdued summer for consumer spending – showing a marked contrast to the previous August.
“A weak pound and worries about rising prices are causing concern for many, with Brits looking to better balance their household budgets.”
Laura Suter, personal finance analyst at investment platform AJ Bell, said this August is “starkly different” to last year when Brits made the most of the long, hot summer by spending liberally in pubs, on food for BBQs, in garden centres and on festivals and other entertainment
“This August the story is one of stockpiling, discount shops and cutting back,” she said.