Consumer spending up in August
Written by Hannah McGrath
Consumer spending was up by 1.3 per cent in August compared to last year, according to the latest figures from Barclaycard.
Data from the card and payments provider pointed to an uptick following a summer of muted growth. A breakdown of the figures showed that spending remained subdued across the board, with the exception of pubs and restaurants, as Brits made the most of the long summer days.
Discount stores rose eight per cent as shoppers looked to make their money go further, with over half worrying about the impact of rising prices and Brexit related uncertainty.
Almost one in five Brits are stockpiling everyday items in case of future shortages, the survey found – rising to a quarter of 18 to 34 year olds.
Just 31 per cent of UK adults suggest they are confident in the UK economy, while over half (52 per cent) are worried about the impact of rising prices over the next month.
As a result of concerns about inflation, more than a third of Brits (36 per cent) said they are going to adapt their buying behaviour, with 43 per cent planning to seek out bargains in discount stores. This is followed by cutting back on treats (33 per cent) and looking for more discounts online (33 per cent).
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.”