| 9.9% increase in card spending in July |
By: Rebecca Hubbard
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Posted: Monday, August 16, 2010 10:10 am
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According to new figures released by Barclaycard, compared to the same month last year, consumer spending on credit and debit cards rose by 9.9% in July.
The finding suggests that customers have been enticed back to the high street by traditional summer retail discounting, as the amount spent on cards, in-store and online, increased by nearly double digits for the month.
Since the start of 2010, year-on-year figures have steadily increased. July is the third month in a row that these figures have increased by more than 9%.
According to the report, the statistics disagree with recent reports of a dip in consumer confidence, suggesting a gap between what consumers say about their financial prospects and how they behave.
Stuart Neal, head of Barclaycard UK payment acceptance, said: "If consumer confidence is taking a hit, it's not happening on the high street. If spending remains at this level compared to last year, 2010 could prove overall to be a very good year for retailers."
Spending increased slightly in July by 1.9% compared to June. The report attributed this to two factors: consumers taking advantage of the earlier start to summer sales, and July having 31 days compared to June's 30.
The Barclaycard Spending Index is based on data from retailers that use Barclaycard payment acceptance to process credit and debit card spending, across 44 different retail sectors. |
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