Summer spending continued through August
According to data from Barclaycard, people in the UK have continued to splash the cash this summer, with consumer spending up 4.5 per cent in August compared to the previous year.
The bank, which covers nearly half of the nation’s credit and debit card transactions, says the data shows many of spent the end of summer enjoying events and evenings out.
Since May the economy has seen three consecutive months of spending growth above five per cent and the strongest three-month period in four years.
Spending on entertainment including event tickets, theme parks and days out, rose 10.3 per cent in August, as well as an increase in supermarket and fuel expenditure, too.
However, not everyone benefited from a hefty rise in spending. Clothes shops saw just a 0.6 per cent rise as people were put off investing in autumn and winter clothing whilst the weather was still nice.
Garden centres also took a hit from previous months, rising just 0.5 per cent, which is a stark contrast to the double-digit growth seen in earlier months.
A third of consumers now plan to reduce their expenditure after a splashing out during the summer, with 44 per cent planning on cutting back on treats for themselves and 39 per cent planning to lower the number of restaurant visits or nights out.
Esme Harwood, director at Barclaycard, said: “Brits have been feeling confident enough in their spending power to enjoy summer events and evenings out. However, it’s clear they’ve struck a balance between spending on essentials and treating themselves.”