Furniture store card spending down in September

Consumer card spending in furniture stores declined during September when compared to last year, says new data from Barclays.

According to the latest Barclays Consumer Spending Index, which includes both debit and credit cards, furniture store spending growth declined 6.8% – down for a ninth consecutive month this year, while transaction growth was negative, down 4.7% against the same month last year.

Home improvement and DIY stores saw spending growth fall 4.5%, with transaction growth up 3%. Department stores saw spending growth increase 3.7%, with transaction growth also up by 7.8%. Discount stores saw an increase of 1.5% in spend growth, while transaction growth declined 2.1%.

Overall, consumer card spending grew 4.2% year-on-year in September – less than the latest CPIH inflation rate of 6.3% but higher than August’s growth figure of 2.8% – as the late summer sun boosted in-store spending. Meanwhile, the Rugby World Cup drove spending at pubs and bars, yet growth slowed on restaurants and takeaways as Brits begin saving money for the festive period.

Esme Harwood, Director at Barclays, said: “Grocery spending tapered off over the summer, thanks to the long-awaited drop in food price inflation. Worryingly, growth sped up again in September, which could be an early warning sign that food prices may not come down as quickly as we’d hoped.

“Eagle-eyed shoppers have spotted more examples of “surge pricing” and “shrinkflation”, and are becoming sceptical about the value of supermarket loyalty schemes. Consumers are also starting to pull back their spending in some non-essential areas, so that they can put more money aside for the festive season.”

Save this article for later

You can revisit this article if you save it as favourite news!

Leave a Comment