You are here: Home - Household Bills - News -

Consumer spending holds up despite storms and coronavirus

0
Written by: Joanna Faith
10/03/2020
Spending on boxsets and takeaways increased in February as Brits chose to stay at home to avoid the bad weather and spread of coronavirus.

Data from Barclaycard, which sees nearly half of the UK’s credit and debit card transactions, shows expenditure on digital content and subscriptions rose by 12.4% in February, while spending on takeaways and fast food rose by 8.7%.

The figures show spending on essential items rose by 1.6%, bolstered by supermarket and fuel expenditure, which grew by 1.3% and 2.5% respectively.

Spending on non-essentials saw slightly stronger growth of 2.4%.

However, research by Barclaycard found three in 10 Brits spent less because of storms Ciara and Dennis, and 28% of people said they avoided the high street and other busy places because of fears surrounding coronavirus.

Spending in department stores fell 3.6%, while clothing expenditure dipped by 1.7%.

Overall, consumer spending grew by 2.2% year-on-year.

Despite the bad weather and coronavirus, consumer confidence in the UK economy remains high with 42% of UK adults feeling positive, up from 32% a year ago.

This confidence is driven largely by Brits believing that progress is being made around Brexit.

However, in a sign of ongoing consumer cautiousness, 36% of UK adults remain careful with their money and more than half (54%) are worried about the rising prices of everyday items and how this will impact their ability to spend.

Esme Harwood, director at Barclaycard, said: “Storms, floods and fears about the spread of coronavirus have kept many Brits away from the high street this month. Despite this, broader consumer spending has held up as people put their money towards enjoying a takeaway and digital subscriptions.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

  • More than one in 10 Brits have fallen victim to a #coronavirus-related #scam over the past two months, research sho… https://t.co/iZ3U6ppvhp
  • "The government needs to support the removal of non-ACM cladding from buildings that are under 18 metres as well,"… https://t.co/WW5ONNqBdH
  • RT @DASLegalUK: The nation has turned to online shopping, but what are our retail rights if we face issues with delivery, faulty items, ret…

Read previous post:
Coronavirus: millions risk financial hardship because sick pay system is ‘inadequate’

Citizens Advice has warned the UK’s sick pay system is inadequate to deal with the potential scale of the coronavirus...

Close