The latest Barclaycard consumer spending data has been released this morning, showing that consumer spending grew 3.3% year-on-year in November, with spend up 11.3% in pubs.
Spending was also up at restaurants (8.3%), with the hospitality sector enjoying increases despite the retail industry seeing declines.
November’s ‘subdued’ figures reflect a cautious mood amongst consumers, according to Barclaycard, who also reports that 52% of UK adults now say that they have confidence in their household finances – the lowest level recorded since the business began tracking this data in 2015.
Non-essential expenditure also saw a drop last month to 2.9% growth, the lowest level since March this year.
This decrease is also reflected by just 40% of Brits reporting they feel confident in their ability to spend on non-essential items.
“November was a mixed month, with department store and clothing spending contracting but entertainment remaining strong,” comments Esme Harwood, director at Barclaycard.
“It seems shoppers are yet to make their main Christmas purchases for friends, family and loved ones – despite many retailers offering Black Friday discounts to try and boost sales.
“This may be unsurprising, given we’ve seen consumer confidence in household finances fall to a record low, likely influenced by ongoing political and economic uncertainty.
“As the final countdown to Christmas begins, it will be interesting to see whether shoppers will be enticed back to the high street over the next few weeks.”