Consumer Card Spending Trends in January 2024

Consumer card spending in January 2024 grew by 3.1%, less than the latest consumer prices index including house (CPIH) inflation rate of 4.2%. Despite the cutback in spending, consumer confidence in household finances and spending within means rose to its highest point in over two years. Supermarket spending increased to 5.2%, with a rise attributed to consumers returning to regular routines post-Christmas. Around two thirds of shoppers are looking to reduce the cost of their weekly shop, with a further 47% turning to loyalty schemes and vouchers to do so. The study also revealed that 39% of customers shop at multiple supermarkets to source a range of deals, while around a fifth are cutting back on more expensive items such as meat and fish. Online retail, boosted by the release of popular new film and TV releases, performed strongly. However, hospitality and leisure saw subdued growth due to the shift in consumer behavior.