You are here: Home - Household Bills - News -

Consumers tighten their purse strings ahead of Christmas

0
Written by:
03/12/2019
Spending remained muted in November as political uncertainty continued to weigh on consumer confidence.

Data from Barclaycard, which processes nearly half of the UK’s credit and debit card transactions, shows overall consumer spending last month grew by just 0.9 per cent year-on-year, representing a decline in real terms when accounting for inflation.

Spending on essentials showed no movement but non-essential spending was up 1.3 per cent.

Spending in department stores and in electronics and clothing retailers fell, but discounts stores were a bright spot with 6.9 per cent growth as shoppers continued to seek out value for money.

Consumer spending in bars, pubs and clubs saw good growth at 8.7 per cent, however restaurants saw a decline of 5.2 per cent.

Takeaways and fast food, meanwhile, saw a rise of 11.4 per cent as the colder weather and longer nights saw people take advantage of food delivery apps over venturing out for a meal.

The research also revealed that a third of Brits plan to spend less than usual on Christmas this year.

Esme Harwood, director at Barclaycard, said: “With a backdrop of political uncertainty, consumer confidence has remained low this month – particularly amongst younger consumers – as Brits focus on discount shopping in a bid to tighten their purse strings this Christmas.

“Throughout 2019 we have seen the nation managing their budgets by seeking greater value for money, and this trend looks set to continue in December. As we head into the busy shopping season, retailers will no doubt be crossing their fingers for consumer confidence to rise enough to deliver some Christmas cheer.”

 

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.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

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