Data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that spending on essential items grew 3.3 per cent compared to the same period in 2021 – the smallest rise this year
This muted growth was largely due to supermarkets only seeing a small uplift , as well as food and drink specialist stores falling back into decline after a 0.6 per cent growth in August – a sign that consumers are being more selective about the essential purchases they make.
Spending on non-essential items grew one per cent year-on-year, significantly less than last month , and a new low since February 2021 when the second Covid-19 lockdown measures were still in place.Restaurant spend fell -12.2 per cent – further than last month’s drop of -11.4 per cent – while bars, pubs and clubs slipped into the red for the first time since March 2021.
Of these shoppers, 43 per cent are paying closer attention to the prices of items they buy regularly, 40 per cent are cutting down on luxuries or one-off treats for themselves, and 36 per cent are purchasing own-brand or value ranges in supermarkets.
“However, Brits are also looking for ways to enjoy themselves at home while saving money, which has led to growth across “insperience” categories such as digital subscriptions and takeaways. It is likely to remain a challenging time for many other sectors as consumers focus on essential spending and businesses continue to navigate inflationary headwinds.
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