World Cup leads UK spending boost as confidence rebounds
Consumer spending across the UK jumped in July as Brits’ splurged on a summer of sport and sunshine, fresh data from Barclays has shown.
Card spending jumped two per cent to its highest level in 12 months following a surge in transactions at pubs, bars and clubs during England’s World Cup run.
Overall hospitality and leisure spend was up 2.2 per cent. Around 5.5m pints were forecast to be poured during England’s tournament game against Norway last month, according to the British Beer and Pub Association (BBPA).
Hospitality spend was also helped by a 2.6 per cent boost at cinemas following the release of Toy Story 5 and The Odyssey.
Rohan Kumar, head of spend insights at Barclays, said: “Multiple factors played a part, with UK staycations, continued warm weather and England’s World Cup run lifting spending on travel, hospitality, everyday essentials and seasonal retail categories.”
Both essential and non-essential spending remained in the growth territory at 2.9 per cent and 2.6 per cent respectively.
Barclays said confidence in the UK economy reached 30 per cent in July, marking a 21 month high and six-percentage point improvement from June.
New PM goes on cost-of-living mission
Brits’ confidence was driven by modest rises in job security, up one per cent to 46 per cent, and ability to spend on non-essentials, which grew two per cent to 53 per cent.
But numerous metrics remained flat including household finances at 64 per cent, whilst ability to live within means dipped one per cent to 69 per cent.
New Prime Minister Andy Burnham began a national tour on Monday as part of his cost-of-living blitz to give Brits some “breathing room”.
He has vowed to outlaw fake discounts and crack down on stealth subscriptions as he pledges to deliver “breathing room” on the cost of living.
The Makerfield MP has also proposed banning businesses from advertising “rip-off” discounts and said he will accelerate existing plans to make subscriptions easier to cancel.
Earlier this year Barclays recorded its first drop in consumer spend since 2024 as geopolitical turmoil gripped the economy and led to Brits tightening their pockets.