January spending rises by double digits in UK’s restaurants and pubs

07/02/2018 - 09:17
Consumer spending in the UK’s restaurants and pubs both increased by over 10% year-on-year for the month of January, according to data from Barclaycard.

The payment service, which claims to see nearly half of the nation’s credit and debit card transactions, found that spending in pubs was up 12.8% on 2017 and that restaurant spend rose by 10.5%.

The sectors were credited with driving overall consumer spend up 3.9% versus January 2017.

The report said the ‘experience economy’ remained a bright spot, as Britons continued to “prioritise leisure activities”.

Despite the increased propensity to spend on social occasions, concerns around the wider economic picture are evident, according to a Barclaycard poll.

Just 54% asked said they were confident in their household finance, with 29% confident in the UK economy as a whole.

At the same time, almost half (46%) of respondents said they worry that the ongoing Brexit talks will leave them worse off.

Paul Lockstone, managing director at Barclaycard, said: “January’s uplift in spending represents a strong start to the year. But faltering confidence levels across the board suggests that consumers are feeling the effects of a post-Christmas slump, as well as the wider impact of inflation, on their everyday lives.

“While spending on the ‘experience economy’ proved to be a natural and welcome antidote to the January blues, the dip in sentiment revealed by our consumer confidence data, allied to concerns over economic and political uncertainty, is quite telling.

“It suggests that caution will continue to be the watchword for many consumers as they allocate their household budgets in the months ahead.”

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