Brits drown their sorrows, as UK confidence plummets

Laura Suter
6 November 2018

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.

Laura Suter
Personal Finance Analyst
Laura Suter is personal finance analyst at AJ Bell. She is a multi-award winning former financial journalist, having specialised in investments. Laura joined AJ Bell from the Daily Telegraph, where she was investment editor. She has previously worked for adviser publications Money Marketing and Money Management, and has worked for an investment publication in New York. She has a degree in Journalism Studies from University of Sheffield.
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