Barclays: UK card spending growth slows to 2.0% in September
EWU•UK card spending rose 2.0% year on year in September, below CPIH inflation of 3.3%, Barclays analysis showed. Household-finance confidence reached a seven-month high of 67%, while 68% worried about the impact of the upcoming Budget.
1. Spending and confidence
Essential spending increased 2.5%, compared with 1.8% for non-essential spending, while fuel spending jumped 17.3% as diesel prices hit record highs. Hospitality and leisure spending grew 2.7%, including a 2.4% rise in eating and drinking during warm September weather. Confidence in household finances rose to 67%, a seven-month high, while confidence in the UK economy held at 26%. Ahead of the Budget, 68% were worried about its impact on household finances, 30% had cut non-essential spending and 27% had delayed major purchases.
