CARD transactions rose ahead of inflation for the sixth month running in September, according to an analysis of Barclaycard’s 33.7m customers released yesterday.
Consumer spending grew by three per cent in comparison to the same month last year, with restaurants seeing a big increase in trade, up 11.2 per cent.
The figures match suggestions that the UK’s budding recovery stems from an increase in household spending, despite wages climbing much more slowly. Last week’s economic review by the Office for National Statistics (ONS) showed that household spending has risen as a share of GDP.
Barclaycard chief executive Val Soranno Keating said: “The fact that consumer confidence is at a six-year high, economic growth is up, and spending continues to grow, clearly shows that we’re on the right path.”