Furniture store card spending falls during 2023

Consumer card spending in furniture stores declined during 2023 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 5.2% in 2023, while transaction growth was also down 3.8% year-on-year.

Home improvement and DIY stores saw spending growth fall 4.7%, with transaction growth up 0.2%. Department stores saw spending growth increase 4.4%, with transaction growth also up by 7.4%. Discount stores saw an increase of 0.1% in spend growth, while transaction growth was down 3%.

Overall, consumer card spending increased 4.1% year-on-year in 2023 – noticeably lower than the growth seen in 2022 (10.6%) – as Brits cut back on new clothes, eating out and home improvements amid rising inflation and household bills.

Esme Harwood, Director at Barclays, said: “Brits prioritised memorable experiences and shared moments with loved ones this year, boosting pubs, travel and entertainment. Many were keen to make up for lost opportunities during the pandemic by booking holidays, treating themselves to concert tickets, and enjoying nights out with friends.

“However, certain sectors saw noticeable cutbacks. Restaurants and clothing stores were hampered by the unpredictable weather, as well as the impact of rising household bills on consumers’ personal finances. Nonetheless, Brits’ confidence in their ability to spend within their means has remained resilient, as they become more resourceful and adept in finding ways to balance their budgets.”

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