Britons Favor Discretionary Spending: Barclaycard Survey

“Retail spending performed strongly in October as further growth in employment and wages was met by falling food and petrol prices,” Chris Wood, COO at Barclaycard, says in e-mailed statement. The statement also says, citing Oct. consumer spending survey: * Wage growth +3% y/y in October, a six-year high * Retail spending on non-essentials +4.1% * Essential spending -3.1%, worst performance since March 2014 * Supermarket spending -0.9%, worst performance in 19 months * NOTE: Barclaycard processes almost 50% of U.K. credit and debit transactions

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