Barclaycard Spending Index Shows July Year-On-Year Growth Up 9.9%
Released on: August 18, 2010, 7:18 am
Barclaycard Spending Index reveals year-on-year growth for
July up 9.9%
Consumer spending on cards saw a near double digit increase in July compared to the
same month last year, challenging concerns that consumer confidence has dipped.
According the latest figures released by Barclaycard, traditional summer discounting
by retailers appears to have enticed consumers back to the high street, with the
amount spent on debit and credit card purchases, in-store
and online, increasing by 9.9% in July compared to the same month last year.
Year-on-year figures have steadily increased since the start of 2010, with July
representing the third month in a row that these figures have increased by more than
The figures run contrary to recent reports of a dip in consumer confidence -
including the British Retail Consortium's Index of Consumer Confidence - suggesting
that a gap exists between what consumers say about their financial prospects and how
they behave, with spending on the high street remaining strong.
Stuart Neal, head of Barclaycard UK Payment Acceptance said: "If consumer
confidence is taking a hit, it's not happening on the high street. If spending
remains at this level compared to last year, 2010 could prove overall to be a very
good year for retailers."
Compared with June, the spending figures showed a slight increase in July by 1.9%,
partly through consumers taking advantage of the earlier start to summer sales and
July having 31 days rather than June's 30 days.
The Barclaycard Spending Index is based on spending by all credit and debit cards,
across 44 retail sectors at retailers that use Barclaycard Payment Acceptance to
process these transactions for them. Barclaycard Global Payment Acceptance
processes credit and debit card payments for 85,000 businesses in the UK, around 30%
of the UK market.
Notes to editors:
Barclaycard Global Payment Acceptance enables businesses to
accept credit and debit card payments.
The data in this index relates to retailers' credit and debit card transactions
processed by Barclaycard rather than purchases made with a Barclaycard or those
looking to purchase credit cards.
The index does not take into account the effects of any cash payments made to
retailers. The index does not adjust for price increases/decreases but measures the
value of credit and debit card spending at retailers that use Barclaycard to process
their card payments.
Barclaycard, part of Barclays Global Retail Banking division, is a leading global
payment business which helps consumers, retailers and businesses to make and accept
payments flexibly, and to build credit and access short-term
credit when needed.
The company is one of the pioneers of new forms of payments and is at the forefront
of developing viable contactless and mobile payment schemes for today and cutting
edge forms of payment for the future. It also issues credit and charge cards to
corporate customers and the UK Government.
Barclaycard partners with a wide range of organisations across the globe to offer
their customers or members payment options and credit.
For further media information, please contact:
Barclaycard Press Office
1234 Pavilion Drive
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