Brits flash the plastic despite EU vote fears
Card spending in the UK climbed in July as consumers flocked to hotels, bars, and restaurants.
The latest Visa spending index was up from 0.9 per cent year-on-year in June to 1.6 per cent in July.
However this was weaker than the rate of increase seen at the beginning of the year.
The hospitality industry drove the rise, with spending in hotels, restaurants and bars up by 8.9 per cent on the same period last year following June’s slowdown to a 3.4 per cent rise.
“July’s data suggests that UK consumer spending is holding up despite the ongoing uncertainty following the referendum, albeit at lower levels of growth than we’ve seen in the last couple of years. “Consumers remain cautious with their spending,” said Kevin Jenkins, Visa UK and Ireland managing director.
Spending on transport and communication recorded its third consecutive spending drop last month however, though the rate of decline slowed to 3.8 per cent, from a fall of 4.2 per cent in June.