Consumer spending increases 3%

Latest data from Nationwide’s Spending Report shows that £7.6 billion was spent overall in June, an increase of 3% compared to the previous year, meanwhile, transactions were up 5%.

The amount spent in June reached £4.2 billion down one per cent compared to the previous year, while the volume of transactions (c.121m) was up two per cent. Housing continues to account for the biggest rises with renters seeing an 18 per cent increase, while mortgage repayments increased 12 per cent. However, there were falls in spending on utilities (-17%) and discount stores (-6%).

There was a £3.4 billion increase in overall non-essential spending, up five per cent on last June while the number of transactions (c.118m) was up seven per cent. Euro 2024, combined with periods of warmer weather, also boosted spend, with some of the biggest rises recorded on gambling (+12%) and eating and drinking out (+10%). However, there were falls on spending on dating (-15%), DIY & home maintenance (-11%), gardening (-3%) and clothing and shoes (-3%).

Mark Nalder, Nationwide’s Strategy & Performance Director, said: “Costs have risen across the board in recent years and pet ownership is not immune from this. While people plan for everyday costs such as food or insurance, it is the additional costs that can soon mount up, such as kennel costs or vet bills and long-term health conditions not covered by insurance.

“Spending rose as we head into summer with more people travelling and discretionary spend in supermarkets increasing as the UK enjoyed the Euro’s tournament and the occasional opportunity to get out their BBQs.”