Barclaycard News Update: British Shoppers Shake Off Austerity
Barclaycard News Update: British shoppers shake off austerity and push consumer spending up 4.8% in July, analysis of high street trading figures revealed.
It seems that the end of the recession might at last be a distant speck of light at the end of a very long dark tunnel. Figures recently compiled by Barclaycard have shown that consumers are back on the high street and that in July their buying activity pushed up spending to the highest rate in over a year and a half. This has led to spending for the month of July coming in at over the rate of inflation for the fourth consecutive month.
The lengthy heat wave was one factor thought to be responsible for the return to the high streets of consumers who were on the hunt for seasonal goods and summer clothing sales in particular saw a big hike during the month of July. As well as that, grocery sales were up and petrol too as people took to the roads, many heading to seaside resorts. Barclaycard reported that pubs and other eateries also reaped the rewards of the good weather showing a growth in sales of over 10% as the ‘feel good’ factor of the long awaited summer loosened the purse strings. Other factors, as well as the hot weather, thought to have influenced public mood were sporting successes and the birth of a Royal baby.
While Barclaycard’s analysis of spending in the UK showed an upward trend that was particularly strong in July at almost 5% over spending recorded for July 2012, May and June of this year have also shown promising figures of just over four per cent growth in May and just under five per cent in June. This above inflation spending trend has not been seen since 2010.
Barclaycard News Update
Although it may have been the good weather and other feel good events that boosted high street sales in July financial forecasters are confident that this increased consumer confidence and spending will carry through to the latter part of 2013. On line spending has also seen a boost in July 2013 where compared to 2012 it had seen a 0.7% rise. Women’s clothing purchased on line during the month of July was one factor that boosted receipts although Barclaycard say, it is true that when compared to high street stores the on line ‘virtual’ equivalent has shown overall a growth of twenty per cent compared to 2012.
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