Credit, collections & insolvency news
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…
Read more
Consumers have reduced their spending due to poor weather and the cost of living crisis according to latest British Retail Consortium data. The report shows that annual shop price inflation remained unchanged at 0.2% in July, the lowest rate since October 2021. Non-food price deflation continued at 0.9%, as retailers reduced prices to attract consumers.…
Read more
A forecast from EY ITEM Club expects solid household income growth and a less cautious approach from consumers going forward, to result in 0.8% growth in consumer spending this year, and 2.5% in 2025. While prospects for consumer spending appear relatively positive, they are likely to be tempered by the lagged effect of past monetary…
Read more
Consumers invested in staycations and home improvements during the Early May Bank Holiday, with both areas seeing significant uplift when compared to the same bank holiday in 2023 (28th April to 1st May 2023) according to latest Mastercard data. People are choosing to spend their money on experiences, including holidays and eating out. SpendingPulse data shows…
Read more
Latest analysis by Barclays showed that consumer card spending grew 2.9 % year-on-year in November – less than the latest CPIH inflation rate of 4.7 % but higher than October’s 2.6 % growth – as consumers’ confidence in their ability to spend on non-essential items (56 %) reached its highest level since April. The high…
Read more
Consumer card spending grew just 2.6 % year-on-year in October – noticeably less than the latest CPIH inflation rate of 6.3 % and the smallest uplift since September 2022 (1.8 %) as consumer’s concern over rising energy bills and outgoing costs ahead of the festive period hindered discretionary spending according to latest spending analysis from…
Read more
Latest cost of living research from Royal London has revealed how consumers have raided their savings to cover the rising cost of living. The cost of housing, food and energy bills have risen by an average of £494 a month by September this year when compared with August 2022. In the fourth wave of its…
Read more
Latest credit card spending figures from Barclays have shown a shift towards saving. The data shows that consumers are cutting back on eating out and reining in on buying takeaways to save up for the expensive the Christmas season season. Consumer card spending grew 4.2 per cent year-on-year in September – less than the latest CPIH*…
Read more
More than a quarter (26%) of UK consumers are spending more than they earn each month, according to early findings from the 2023 European Consumer Payment Report, conducted by credit management services provider Intrum. Of those overspending, the average amount was £190 a month – adding up to £2,280 a year. Another 53% said they…
Read more
Consumer card spending grew just 5.9 per cent year-on-year in February, below the latest CPIH inflation rate of 8.8 per cent, owing to a reduction in discretionary purchases amidst the ongoing the cost-of-living squeeze according to latest data from Barclays. Growth rates were also impacted by the lifting of Omicron Plan B restrictions last year,…
Read more
Consumer spending stalled in April in the first sign that the cost of living is starting to hit the pockets of the average household, according to Nationwide Building Society’s latest Spending Report. As households appear to be starting to reduce spend, the rising costs of goods and services threatens to undermine their efforts, the data…
Read more
UK Finance’s latest card spending data shows the average amount spent per contactless card transaction rose by almost 30 per cent following the contactless limit increase to £100 in October 2021. In September 2021, when the contactless limit was £45, the average spend per contactless payment was £11.86, this increased to £15.30 in December. The…
Read more
Retail debit card spending soared 27% in the first two weeks of January compared to 2020, months before the pandemic hit, according to latest data from Lloyds Bank. The research found that 42% more was spent at restaurants and bars, whilst high-street stores, such as clothing outlets (34%), electrical goods stores (27%) and department stores…
Read more