Consumer confidence at near two-year high as World Cup and UK holidaying lift summer spending
Summary
Consumer confidence in the UK reached its highest level in nearly two years in July, helped by the final stages of the men’s football World Cup and more people taking holidays within the country. Barclays reported a rise in consumer spending, especially in pubs, cinemas, and UK accommodations, while some retailers saw mixed results during the summer heat.Key Facts
- In July, 30% of people surveyed felt confident about the UK economy, the best since February 2022.
- Consumer card spending increased by 2% compared to the same month last year.
- Spending in pubs rose by 10%, partly due to England’s World Cup performance, adding about £150 million in sales.
- Cinema card spending grew by 2.6%, supported by popular movies like Toy Story 5 and The Odyssey.
- Heatwaves led to less spending on airplane tickets and more on UK holidays, with accommodation spending up 2.6%.
- Food sales grew by 3.8% year on year in July, while sales of big items like furniture and computers fell.
- Retailers such as John Lewis, H&M, and Zara reported tough trading conditions, but toy shops like HMV saw visitor numbers rise by 12%.
- Next upgraded its profit forecast for the third time in 2024 due to good weather and a calmer global economy.
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