Consumer spending jumped 13.7% in February | Item

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Consumer card spending rose 13.7% year-on-year in February, the strongest growth since November 2021, as the economy reopened after the lifting of Plan B restrictions and the orientation of working from home.

Although the travel sector is still in decline at -13.9%, the industry had its “best” month since before the pandemic, as 33% of Britons said they were doing more social or holiday projects for the rest of the year as restrictions ease.

Spending on hotels, resorts and accommodation rose 7.4% in February, while airlines saw a “significant” improvement with a -10.9% drop from -42.3% in January.

Additionally, travel agents are also experiencing a recovery, falling -15.0% from -41.7% last month.

Staycations remained a ‘popular’ choice for holidaymakers, with 42% of consumers spending more on social or holiday projects prioritizing holiday spending in the UK.

Spending on non-essential items also saw strong growth of 14.5%, the ‘biggest’ increase since November 2021 at 18.3%, as Britons spent more on discretionary items, holidays and experiences following the relaxation of restrictions.

Although 46% of consumers expect inflation to affect their household budget in 2022, 23% said they would spend more on experiences to “create great memories” and less money on physical items – a figure that rose to 37% for 18 to 34 year olds. -old.

José Carvalho, head of consumer products at Barclaycard, said: “Sharp increases in retail and hospitality show the nation is keen to get the most out of life after the easing of Plan B restrictions, many Brits still buying treats to give themselves. a boost, and make social and vacation plans for the coming year.

“As inflation begins to impact consumer confidence, we are seeing a shift in consumer habits as Britons seek more value from their purchases, particularly in supermarkets, which have seen their most low growth since February 2020.”

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