Moreover, discount stores made a notable comeback, registering a 1.5 per cent growth, reversing from the 0.2 per cent decline seen the previous month.
Consumer card spending in September experienced a 4.2 per cent YoY growth, although this was lower than the current consumer prices including housing (CPIH) inflation rate, which stands at 6.3 per cent. Nevertheless, the figure surpasses August's growth rate of 2.8 per cent. The surge in card spending is attributed to the late summer sun, encouraging more in-store purchases, as per Barclays.
With the rise in costs, nearly half (47 per cent) of the shoppers reported instances of ‘surge pricing’, where prices increase during peak times or heightened demand periods.
Furthermore, non-essential spending saw a 4 per cent growth, a slight increase from August's 3.7 per cent. The pleasant early September weather played a role, prompting Brits to indulge in high-street shopping and outdoor social activities.
In preparation for the festive season, many consumers are gearing up for what they anticipate to be a costlier Christmas compared to the previous year. Two in five (40 per cent) of Brits believe that the upcoming festive season will be more expensive. Consequently, 20 per cent have already embarked on their Christmas shopping to spread out the costs, and 18 per cent have mutually agreed with family and friends to reduce gift exchanges.
ALCHEMPro News Desk (DP)
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