Credit card spending up in March

7th April 2010  

There was positive news for the Government last week helping to confirm what they’d like us to believe, that the UK is recovering from the credit crunch and economic downturn, and that people are out spending money again.

New figures released by Barclaycard’s Retail Spending Index show that credit card spending was up 9.2% March 2010 compared to the same period in 2009.

This appears to build on the trend we observed in February where there was a 7.1% increase over February 2009. March’s figures also highlighted there was a whopping 18 % jump in spending in March over February, indicating that some of us at least have recovered from our Christmas credit card bills.

Stuart Neal from Barclaycard said

“We have seen another month of increased retail card spending as household budgets start to recover.

“It’s good news for our retailers and I’d expect to see more increases in card spending into the middle of the year.”

But there are still many indications that the recovery is fragile, and that figures could swing the other way again if consumer confidence falters. On Valentines Day retailers saw a surge in spending on flowers (168%) and jewelry (67%) over the previous week, but spending overall was down over the same period last year when the doom and gloom of the recession was at its most pronounced.

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