Consumer spending fell by 365 annually in April
Written by Skywave Radio News on May 13, 2020
That’s according to data released by Barclaycard
Consumer spending shrank by 36.5% year-on-year in April – although some stores such as off-licences, butchers and bakeries bucked the downward trend, Barclaycard said.
Spending on non-essentials declined at a faster rate, of 47.7%, with travel, which includes public transport, seeing a spending decline of 86.8%, as much of the UK stopped commuting.
Specialist food and drink stores – which include off-licences, greengrocers, independent convenience stores, butchers and bakeries – were a bright spot, recording 37.7% annual spending growth.
Barclaycard said this was helped by people continuing to support local businesses, with more than half in its consumer research saying the current environment has made them realise how much they value them.
As a result, adults are planning to spend more in local retailers including butchers, cafes and restaurants and farmers’ markets when social distancing restrictions are eased further.
Published: by Radio NewsHub