Consumers hit the pub after the Brexit vote as spending on big-ticket items cooled

 
Helen Cahill
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Pubs and restaurants are still performing well despite consumer confidence falling after the Brexit vote (Source: Getty)

Consumer spending growth has slipped after the Brexit vote, but people are still willing to shell out for beer and restaurant meals, according to data released today.

According to Barclaycard, consumer spending cooled to 2.6 per cent in July, but the urge to hit the pub could not be resisted; spending in pubs, restaurants and cinemas was up by 10.7 per cent.

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The spend in pubs alone rose by 12.2 per cent, and restaurant spend increased by 12.8 per cent.

Cinema spend bounced back from negative growth (minus 1.6 per cent) to hit 10.1 per cent in July. Barclaycard said growth in these areas showed "many consumers took a 'business as usual' approach to their spending in the month following the UK's decision to eave the EU".

Paul Lockstone, managing director at Barclaycard, said: "Softer spend growth in July was perhaps to be expected given the external economic and political context."

Read more: Discount supermarkets set to benefit as consumer confidence tumbles

He said Barclaycard's confidence research showed consumers were less likely to splash out on big-ticket items.

"These are the first full month's figures since the EU referendum, so it's too early to say if this is the start of a long-term trend, but it seems likely consumers will be watching the external environment carefully ahead of any major spending decisions," Lockstone said.

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