The latest Barclaycard consumer spending report shows:
• Confidence in the UK economy slipped to its lowest level for years
• Brits’ spend on pubs, restaurants and tickets rose more than 10%
• High-streets were clobbered again as clothing spend fell
Laura Suter, personal finance analyst at investment platform AJ Bell, comments:
“Confidence in the UK has slipped to its lowest level for years, with just 28% of Brits having confidence in the economy. However, that hasn’t dampened enthusiasm for a weekly trip down the pub or a meal out, as pub and restaurant spending rose 11.7% and 8.6% in October.
“The high street was hit again, with department stores and clothes shops facing a slowdown in sales, while fewer people were buying electronics. As always the weather played a part in the figures, with the warm October weather meaning that some have put off buying their winter clothes.
“While a fifth of people said they are already seeing the benefit of higher wages, many are using that spare cash to pay off debt or build up a rainy day fund, rather than rushing out to spend it. People also put off big purchases, with car sales down 3.3%, household appliance sales down more than 14% and spending in jewellers down 6%.”
The data from Barclaycard covers nearly half of the nation’s credit and debit card transactions.