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23 Oct 2023

Cardmitment campaign launched to remind people of the power of sending greetings cards

23 Oct 2023

The International Longevity Centre has released new guides to show the steps retailers need to take to make their shops more accessible for the elderly.

23 Oct 2023

Family-run Bristol sandwich shop Sandwich Sandwich has been named best in the UK at the UberEats awards.

23 Oct 2023

Convenience stores are set to be part of a testing programme for the UK’s first digital proof of age card.

23 Oct 2023

“Game-changing” facial recognition technology is targeting prolific retail criminals, including shoplifters.

9 May 2023

A mixed picture is emerging about the effect of the Coronation weekend across the UK's retail sector.

9 May 2023

Nominations have opened for the 2023 British Business Awards.

9 May 2023

The European retail sector has enjoyed its best month for international spending on Tax Free goods since the end of the pandemic after sales surged by 40% month on month in March 2023, taking...

31 Mar 2023

Checkout Bira's FREE opening times and social media toolkit downloads for Easter!

4 Jan 2023

BBC analysis has shown that beauty salons and tattoo parlours have prospered on high streets while the number of banks and department stores has fallen. Places to eat and drink have also...

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Consumer spending slowed thanks to "Beast from the East"

Posted on in Business News , Cycles News , Creative News, Outdoor News

Consumer spending growth slowed to just 2% in March as the "Beast from the East" kept shoppers at home.

According to the latest consumer spending data from Barclaycard, consumer spending grew 2% year-on-year in March, down from 3.8% in February, making it the lowest level of growth since April 2016.

street shopsIn-store spending fared particularly poorly, contracting 1.9% as a third (34%) of consumers reported the cold weather prompted them to spend less overall on the high street.

Online sales grew by 11.7%, however, as Brits chose to shop from the comfort of their own homes in the face of inclement weather.

The data also reveals that shoppers prioritised essential items, which rose 3.8%, while spending on the ‘nice-to-haves' increased by just 1.1%.

Paul Lockstone, managing director at Barclaycard, said: "The ‘Beast from the East' took its toll on the high street in March, keeping shoppers at home and leading to a slowdown in consumer spending. Despite the dip in growth last month, however, expenditure was broadly stable in the first quarter.

"It seems consumers have become accustomed to adjusting their budget and as a result, are more confident in their own finances.

"While there are bright spots, however, it's important to note that a sense of caution still remains, with many of us hesitant to change our spending patterns no matter what the next few months may bring."

 

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