A recent Barclaycard study found UK consumer spending dropped by 7.2% in March this year compared to the same period in 2019.
Despite consumer spending dropping in the UK, retail spend grew by 17.9% overall. Spending on essential items grew 7.7%. Additionally, supermarket spend saw a 21.9% growth, with online grocery spend accelerating by 116.5%, as home deliveries continue to dominate the market.
The study found non-essential spending was down by 14.5%. On a positive note, online retail transactions jumped 84.7% in comparison with 2019. It also accounted for over half of all retail spend in March this year.
Online market places and catalogue shops outperformed the online retail sector leaping 110%. Despite all uncertainties and concerns around lockdowns, British consumers are optimistic about the future in terms of finances. 61% of consumers also expressed confidence in their ability to procure non-essential items.
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