Consumer spending rose 5% year-on-year for the third consecutive month in July, according to Barclaycard’s July report with pubs enjoying a wave of trading momentum thanks to England’s World Cup triumph.
Consumers spent 41% more in pubs on England match days than on the equivalent days in 2017, with the heatwave and success of the England team at the World Cup being a major factor.
Pub spending was boosted by up to 73% on the day of England’s World Cup semi-final against Croatia on the same day last year.
The 5% increase each month since May has marked the strongest three-month period since Barclaycard, which oversees nearly half of debit and credit card transactions in the UK, started recording the figures in 2014.
However, despite the positive results, one in three people have shown concern that higher interest rates will leave them financially worse off when looking ahead.
Esme Harwood, director at Barclaycard, said: “It will be interesting to see if this strong level of growth continues as we move into the final stretch of summer. It’s clear that some consumers remain cautious about what’s to come with interest rates rising and overall confidence in household finances down slightly from June.”
She added: “The prolonged warm weather combined with England’s World Cup performance has created a short-term boost in spending. With the sunshine showing no sign of abating, spending levels have remained higher than we would normally expect with Brits keen to make the most of the heatwave.”