Consumer spending on the high street fell in February as consumers started to slow their spending down, according to the latest figures from the Barclaycard Spending Index.
The amount spent on credit and debit cards, in-store and online, fell by 7.1% in February compared to the previous month.
However, against a backdrop of market pessimism, Barclaycard data shows that the 2011 outlook for retailers remains encouraging with year-on-year figures showing February 2011 spending up 10.8% compared to February 2010.
Richard Armstrong, head of Barclaycard UK Payment Acceptance, said:“February is traditionally a quieter month for the high street as consumers take a breather, following Christmas and the January sales. 2011 looks set to be a reasonable year for retailers with the next spending boosts set to come from the Easter holidays and the Royal Wedding bank holiday.”
The Barclaycard Spending Index is based on spending on all credit and debit cards process by Barclaycard Global Payment Acceptance, across 44 retail sectors.
Barclaycard Global Payment Acceptance processes credit and debit card payments for 87,000 businesses in the UK, around 30% of the UK market.
Source: Barclaycard
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