Consumer spending hit a 13-month high in August, boosted by the nation’s holiday overspend on the back of the decline in the value of sterling according to Barclaycard. Overall, spending increased by 4.2 per cent year-on-year in July. Holiday spending boosted the overall growth in August. Travel spend was up by 3.2 per cent, with hotel spending up 14.9 per cent, it’s largest annual jump in two years..
Paul Lockstone, Managing Director at Barclaycard, said: “Consumer spending has continued to grow after the EU referendum, with August being a particular stand-out month considering confidence in household finances remains low compared to levels seen last year.
“Spending peaks in travel and hotels indicate that most consumers were firmly committed to their summer plans, and spent on trips and excursions they booked months in advance.”
Barclaycard processes nearly half of the country’s credit and debit card transcations, offering detailed data into how we’ve been spending our cash. This data is based on the period from 24 July to 20 August this year.