Hot weather provides boost to consumer spending

Scorching temperatures have inspired consumers to splash their cash on a range of summer entertainment.

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Figures from Barclaycard have revealed that consumer spending hit an 18-month high in June, an increase which may have been prompted by a surprisingly balmy start to summer on UK shores.

According to Barclaycard research, consumer spending leapt by 4.9% in a year-on-year comparison, with green-fingered Brits splashing out the most in garden centres (up by 19.2%).

As the weather improved Brits were also inspired to spruce up their properties, with spending on DIY rising by 8%.

Heading out for a meal was also a popular option for consumers keen to bask in the summer sunshine, with restaurant spending up by 11.8%.

But despite the hot weather it seems that some Brits were equally happy to enjoy indoor entertainment, with cinema and theatre sales rising by 15.6%.

To ensure that they were looking their best as they headed out and about UK consumers also stumped up 4.2% on clothes shopping to update their summer wardrobes.

Spending online (+12.8% year-on-year) proved to be a more popular option than hitting the high street for a browse around the local department store (-5.9% year-on-year).

Val Soranno Keating, chief executive of Barclaycard, said: “A combination of better weather and lower prices encouraged more of us to open up our wallets in June, which proved to be another buoyant month for consumer spending in the UK, up almost 5% on the same month last year.

“It’s the highest spend growth that we’ve seen in 18 months, the third month in a row where it’s out-stripped inflation, and means that consumer spend was up (3.3%) for the first half of the year against 2012, providing further evidence that the UK economy is turning a corner.”

To get the best interest rates and rewards on your borrowing, you can compare credit cards with Propertywide.

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Posted by: Nicola Severn Categories: Finance Tags: , , Comments Off on Hot weather provides boost to consumer spending

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