Slight uptick in spending for November

Data from Barclaycard suggested the increase was down to gatherings to watch major sporting events such as the ICC Men’s T20 World Cup, the Formula 1 World Championship and Rugby Autumn Internationals.

Furthermore, spending on non-essential items grew by 2.3% in November but this was slightly less than the previous month (2.5%) and significantly lower than November 2021 (22.9%) as rising costs means consumers are making more considered choices about their discretionary purchases.

Separate data from Barclaycard Purchases revealed almost half (45%) of those surveyed were scaling back on festive parties and socialising.

Consumer confidence

Confidence in household finances and Brits’ ability to live within their means has dropped slightly, falling from 60% and 67% in October to 57% and 64% respectively in November.

However, optimism in the UK economy has increased marginally over the same period, which could be put down to the Autumn Statement announcement, from 15% to 18%.

Outside of pubs, entertainment returned to growth, according to the data and recorded its highest uplift (11.3%) since July (when it was at 12.1%).

This could have been down to consumers buying tickets for events such as Glastonbury and comedian Peter Kay’s new tour alongside cinema tickets for new blockbuster releases such as Black Panther: Wakanda Forever ​and Black Adam​.

Strong results

Barclaycard director Esme Harwood said: “As inflation and energy bills rise, Brits feel increasingly concerned about their already squeezed personal finances.

“Cutbacks are affecting non-essential spending on clothing, department stores and restaurants.

“Many Brits intend to reduce festive spending on presents and parties in an effort to save money.

“Bars, pubs and clubs are bucking the trend – they enjoyed a strong early November thanks to the rugby, cricket and Formula 1.

“There’s a good chance this growth will continue as football fans gather to watch the later stages of the World Cup.”