{"id":219285,"date":"2022-11-08T09:29:23","date_gmt":"2022-11-08T09:29:23","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=219285"},"modified":"2022-11-08T20:55:24","modified_gmt":"2022-11-08T20:55:24","slug":"consumer-spending-grew-in-october-but-half-of-brits-plan-to-cut-down-on-christmas-purchases","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/consumer-spending-grew-in-october-but-half-of-brits-plan-to-cut-down-on-christmas-purchases\/","title":{"rendered":"Consumer spending grew in October but half of Brits plan to cut down on Christmas purchases"},"content":{"rendered":"<p><strong>UK consumer card spending grew 3.5% year-on-year in October, higher than the 1.8% growth in September, but well below the 8.8% rise in consumer inflation, as the cost of living continues to put pressure on Brits\u2019 personal finances.<\/strong><\/p>\n<p><!--more--><\/p>\n<p>With the festive season fast approaching, almost half (48%) of Brits are planning to cut down on Christmas purchases, including festive activities and gifts, to save money this year. Of those consumers, <strong>six in 10 (59%) will be spending less on gifts for family and friends,<\/strong> according to the latest data from Barclaycard, which sees nearly half of the nation\u2019s credit and debit card transactions.<\/p>\n<p>Consumer spend on clothing saw a noticeably smaller decline year-on-year in October 2022 (-0.5%) than in September (-4.1%), as did department stores, at -1% versus -3.5% the previous month.<\/p>\n<p>However, that improvement can be traced back to September 2021, which was a particularly strong month for clothing with many Brits returning to work for the first time post lockdown, and parents restocking wardrobes for the start of the new school term. After a bumper September, clothing spend dipped in October last year, making 2022\u2019s figures look more positive in comparison.<\/p>\n<p><strong>Pharmacy, health &amp; beauty stores were a bright spot in October 2022<\/strong>, growing 3.8%, which was considerably higher than September (0.8%), suggesting that image-conscious consumers are still keen to purchase items such as make-up and toiletries, even while spending more nights in due to the cost of living crisis.<\/p>\n<p>Other findings include:<\/p>\n<ul>\n<li>21% of Brits plan to set a spending limit with their friends and family for gift purchases<\/li>\n<li>19% of Brits have started their Christmas shopping earlier this year to spread the cost.<\/li>\n<li>One in 10 thrifty shoppers plan to buy more second-hand\/pre-loved items to give as presents this year.<\/li>\n<li>Growth of spending on utilities slowed in October as households started receiving discounts from the government\u2019s Energy Bills Support Scheme.<\/li>\n<li>Hospitality &amp; leisure struggled as Brits cut back on discretionary spending and rail strikes dissuaded many from drinking and dining out.<\/li>\n<li>Barclaycard\u2019s \u201cinsperience\u201d index, including digital subscriptions and takeaways, saw its strongest growth in 2022, as Brits spent more evenings in.<\/li>\n<\/ul>\n<p>Esme Harwood, Director at Barclaycard, said:<strong>\u00a0<\/strong>\u201cWith the festive season around the corner, we\u2019re likely to see further cutbacks, as Brits reign in their Christmas spending. Consumers are adopting a restrained approach to festivities, reaching for pre-loved gifts and setting spending limits to manage their costs during this traditionally expensive time of year.\u201d<\/p>\n<p>Against a backdrop of political and economic uncertainty, confidence in the UK economy fell sharply to 15% in October 2022, the lowest level recorded since 2015 when Barclaycard began tracking such data, and less than half the level of this time last year (31%).<\/p>\n<p>Meanwhile, 92% are worried about the negative impact of rising inflation on their personal finances, with 30% of Brits assessing whether every individual purchase is necessary, and a fifth (19%) feeling that the cost of living squeeze is having a negative impact on their mental health.<\/p>\n<p>The consumer confidence survey was carried out between 21-24 October 2022 by Opinium Research on behalf of Barclaycard. There were 2,001 respondents, providing a representative sample of UK consumers by age, gender, region and income group.<strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":181838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,20824,6,10494,20826],"tags":[12427,24193,16436],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Consumer spending grew in October but half of Brits plan to cut down on Christmas purchases - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"UK consumer card spending grew 3.5% year-on-year in October, higher than the 1.8% growth in September, but well below the 8.8% rise in consumer inflation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/consumer-spending-grew-in-october-but-half-of-brits-plan-to-cut-down-on-christmas-purchases\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consumer spending grew in October but half of Brits plan to cut down on Christmas purchases - 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