With the most profitable period of the year for shops and online outlets approaching, two surveys out on Tuesday underlined the extent of the squeeze on household budgets caused by the UK’s double-digit inflation rate.
The monthly snapshot of spending by Barclaycard, which accounts for half of debit and credit card transactions, found that 50% of consumers were planning to tighten their belts this Christmas, cutting back on presents, food and drink, and socialising.
Esme Harwood, a director at Barclaycard, said: “Rising petrol and supermarket costs continue to bite but Brits are spending less on energy bills as government support kicks in and people find ways to economise at home. Consumers continue to swap big nights out for cosy evenings in as they reduce their discretionary spending, while health and beauty, and home improvements enjoy a little boost.”
Read more at The Guardian
