Barclaycard News Update: October Sales Slow
Barclaycard News Update: Barclaycard say that consumers have been holding back in October and are saving their money for the heavy Christmas expenditure.
October figures showed that spending growth was slow at just under two per cent with consumer spending low as credit card customers brace themselves for the expense of the festive season. Barclaycard say that the move away from the high street saw spenders buying more on line preferring to stay indoors in the wet weather and with the threat of disruption to traffic and transport by the recent big storm.
Although the number of transactions had grown over the period, values were not correspondingly higher and were affected by customers looking for the best deal before parting with their cash. The cautious mood of the consumer made October the first month since March when spend growth had fallen below the rate of inflation. It was clear that the customer on the high street was being cautious, unwilling to use their savings to fund any purchases.
Spending in the sectors of entertainment and travel shoed a mixed picture and although restaurant spending was impressive with almost twelve per cent increase year on year those visiting restaurants were spending less on their meals. Takings at cinemas dropped however and could not even be saved by the massive success of Skyfall in 2012. Money spent on airline tickets went up by three per cent although this was some way from the double-digit growth that had been the trend in the first part of this year.
Barclaycard News Update
The slight recovery seen in the housing market has continued to increase sending in the DIY stores of the country with an improving picture of spending up over ten per cent on last year this October, the highest growth in the sector recorded this year. Business in electronic stores was also doing well with an eight and a half year on year increase that was the best performance in that sector for the year. Spending on clothing for the family was also showing a steady increase and came in at just over three and a half per cent, which was a three-month high.
An executive from Barclaycard said that there had bee a definite slow down in the month of October of this year despite a generally optimistic financial forecast. As Christmas approaches retailers on the high street will be hoping that the purse strings of their customers will be loosened.
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