UK Card Expenditure Statistics: August 2016
- £54.3 billion was spent on payment cards in August 2016, up 4.2 per cent from £52.1 billion in August 2015
- Cards were used for 77.6 per cent of retail spending
- Retail sector card spending increased by £134 million to £25.2 billion in August, while service sector spending rose by £235 million to £29.1 billion.
- Spending grew more in the service sector than in retail, with growth strong in financial services and hotels. Spending on automotive fuels declined year-on-year
- Spending grew at tourism-related merchants such as aquariums, amusement parks and tourist attractions, reflecting the summer holidays and the lower value of the pound.
- Restaurants and pubs saw a growth in spending of 2.8 and 11.9 per cent respectively, while there was also a notable increase at electronics and furniture retailers too.
Richard Koch, Head of Policy at The UK Cards Association, said:
“Spending on cards as a proportion of overall spending increased to 77 per cent in August, despite a slight downturn in spending in the wake of the EU referendum.
“More and more spending is via cards, which are central to the economy and used increasingly for smaller, everyday purchases.”