February spending levels fall
Barclaycard Spending Index: month-on-month figures down 7.1%
Consumer spending on the high street fell in February as consumers started to slow their spending down, according to the latest figures announced today from the Barclaycard Spending Index. The amount spent on credit and debit cards, in-store and online, fell by 7.1% in February compared to the previous month.
However, against a backdrop of market pessimism, Barclaycard data shows that the 2011 outlook for retailers remains encouraging with year on year figures showing February 2011 spending up 10.8% compared to February 2010.
Richard Armstrong, Head of Barclaycard UK Payment Acceptance, said: “February is traditionally a quieter month for the high street as consumers take a breather, following Christmas and the January sales. 2011 looks set to be a reasonable year for retailers with the next spending boosts set to come from the Easter holidays and the Royal Wedding bank holiday.”
