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Consumer spend sees first uplift since February, but confidence hits new low

on Sep 7, 2020 | 0 comments

By John Glenday

Consumer spending grew 0.2% year-on-year in August – the first uplift since February 2020, according to Barclaycard. The payment provider found that spending on essential items grew 5.1% year-on-year, as supermarket shopping surged 14.9%. Despite this confidence in the UK economy slumped to the lowest on record, at just 19%.

The Drum dives behind the figures to reveal what they say about current consumer mindsets.

The bright spots:

  • A supermarket surge of 14.9% shows consumer willingness to spend, spend, spend where necessary.

  • Non-essential spending has begun to stabilise, contracting by just 1.6% – the smallest fall recorded since the crisis began.

  • Clothing sales Read full story ›

    Source: The Drum