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Credit card spending slides on furniture
October 14, 2022
Credit card spending on furnishing and flooring slumped nearly 7% during September as consumers backed off from discretionary purchases, says Barclaycard.
For the same period, total consumer spending was up nearly 2% with Barclaycard, the company which processes nearly half of all UK credit card transactions.
Esme Harwood, Director at Barclaycard, said: “Energy price increases are understandably causing concern for Brits, as they worry whether they will have enough money to cover their household bills. Consumers are taking a savvy approach to budgeting as they reduce spending on discretionary items and seek more value in their weekly shop, which is having a knock-on effect on retail and hospitality sectors."
A small bright spot in their research was that consumers are opting to spend more time at home which may prompt the kind of home improvement incentive that became a feature of the pandemic.
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The British Furniture Confederation (BFC), the public affairs umbrella body of furniture and beds, furnishings and flooring sector trade associations, has unveiled its new Plan for Growth. The document is said to support BFC’s advocacy across four key pillars: skills and education; trade and exports; standards and regulations; and the environment and circular economy. It has been developed over the past few months, the organisation says, evolving from a combination of position papers written by the associations’ executives and a comprehensive survey of their collective members.
Consumer card spending grew 1.0% year-on-year in February – lower than January’s 1.9% increase and less than the latest CPIH inflation rate of 3.9%, according to recent figures reported by Barclays. In anticipation of higher bills, consumers are said to be cutting back on essential outgoings, but still prioritising discretionary purchases, contributing to an uptick in optimism in the health of personal and household finances.
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