The latest Barclaycard Retail Card Spend Index has found that spending on debit and credit cards was up by 9.2% in March, compared to the same time last year and by 18% compared with the previous month.
These new figures show that a trend is developing, after February also enjoyed a boost in consumers spending on their debit and credit cards; there was a 7.1% year-on-year increase - a pattern that retailers are no doubt hoping will continue throughout the rest of the year.
It seems that consumer confidence is growing, as customers are starting to splash out again, both online and on the high street. The flurry of mid-season sales that have started on the high street could also have had an effect, with many shoppers looking to snap up bargains on their credit cards before they jet off on holiday.
“We’ve seen another month of increased retail card spending as household budgets start to recover after Christmas,” Stuart Neal, Head of Barclaycard UK Payment Acceptance, observed. “This is good news for our retailers and I’d expect to see more increases in card spending into the middle of the year.”
Looking for a fantastic credit card deal? - Compare Credit Cards.