Source: Sharecast
Confidence in the strength of the UK economy reached 30%, hitting a 21 month-high and marking a six-percentage point improvement on the month. Confidence in the European economy also grew, climbing six points to 35% - the highest level recorded since Barclays started tracking the measure in 2015
Consumer card spending rose 2% year-on-year following a 1.9% increase in June. Spending on non-essentials was 1.6% higher on the year in July, broadly in line with June and supported by summer holiday spending, socialising, and seasonal retail purchases.
Card spending on essentials rose 2.9% - the largest uplift in 15 months - underpinned by stronger grocery spending and continued growth in fuel as summer travel and holiday routines contributed to higher everyday outgoings.
Spending in the hospitality & leisure sector was up 2.2% year-on-year in July, up from June’s 1% increase, as the warmer weather and sporting occasions boosted activity across a number of categories.
Rohan Kumar, head of client insights at Barclays, said: "Card spending strengthened further in July, with its highest growth in 12 months. Essential spending reached a 15-month high, with non-essential spending remaining in growth. Summer holidays, continued warm weather and England’s World Cup run supported activity across travel, hospitality, everyday essentials and seasonal retail categories."