Consumer spending rises 5.1 per cent year on year in May

Barclaycard has released a report that claims the hot weather over the early May bank holiday encouraged shoppers to head out and about, with an increase in consumer spending of 5.1%.

Non-essential expenditure increased 4.6%, its highest level of growth in 14 months. The data showed that consumers spent 19.7% more in DIY stores, 19% more in the pub, 10.1% more in supermarkets and 2.6% in-store compared to the same long weekend in 2017.

Despite high levels of personal debt, 44% intended to spend more on experiences like festivals this summer, as well as watching sporting events at the pub.

The report suggests that Brits are still feeling the pinch however, as only 57% of those questioned expressed confidence in their household finances and only 9% said they felt the recent drop in inflation had had a positive impact on their income.