People are becoming more selective in their spending due to the cost of living crisis, cutting back on subscriptions and home improvements
Barclaycard said its data showed that spending on utilities grew by 32.9 per cent over the year as the cost of energy soared, due to the war in Ukraine.
The credit and debit card firm said that people were becoming more selective in their spending as a result, cutting back on subscriptions and home improvements. UK consumers also increasingly went out to pubs, restaurants and bars due to pent-up demand following the pandemic, figures revealed. Spending on restaurants grew by 37.1 per cent for the year, while pubs, bars and clubs recorded a 53.6 per cent increase.
Esme Harwood, director at Barclaycard, said that shoppers had “made up for lost time by socialising with friends and jetting off on holidays” last year. Meanwhile, high street retailers also received a welcome boost, with sales increasing by 8.3 per cent. But the retail sector as a whole logged spending decline as there was a 12.2 per cent fall in
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