Shoppers hit cards again ådespite economic gloom

first_img whatsapp SHOPPERS are splashing out with their credit and debit cards at a near-double digit rate, figures showed yesterday. Card users put 9.2 per cent more on plastic last month than they did in the same month of the previous year.August was the fourth month in a row during which the annual rate of growth was more than nine per cent compared with the previous year – suggesting that cash-strapped consumers are not reducing their spending despite a looming programme of government cuts.The index, based on transactions processed by Barclaycard Global Payment Acceptance, showed that sales, discounts and back-to-school spending had helped keep the retail sector buoyant during the month. The rising cost of food and cotton may also be starting to filter through into prices, further boosting spending levels, according to the research. Earlier this week Next said its clothes prices could rise by up to five per cent.But spending during August itself dipped slightly compared with July, falling by 1.9 per cent.The group partly attributed this to the fact that many shops started their summer sales in that month.Stuart Neal, head of Barclaycard UK Payment Acceptance, said: “With leading retailers warning that the government austerity drive will keep the economy in the doldrums and hit consumer confidence hard, it is good to see a fourth month of increased spending. While there is some cause for viewing the near future with a certain amount of trepidation, recent indicators are good. Confidence remains relatively high, but it will be important to see how spending fares when public spending cutbacks begin to hit people’s pockets, and not just the headlines.” KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Shoppers hit cards again ådespite economic gloom whatsappcenter_img More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Share Thursday 16 September 2010 8:26 pm Show Comments ▼ Tags: NULLlast_img