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Consumers set to spend £47 billion this Christmas

  • A record £31.9 billion to be spent on debit cards and a further £14.9 billion of cash withdrawn from ATMs
  • The busiest day for ATM withdrawals is predicted to be Friday 20th December, with over £1 billion being dispensed that day
  • UK consumer spending up +2.8% so far this Christmas, compared to 2012
  • Over 15 million of adults (31%) plan to shop on Saturday 21st December and spend an average of £196 each

New figures from Barclays1 predict that a total of £47 billion will be spent on debit cards during December this year, as consumers use them to spend a record £31.9 billion and withdraw a £14.9 billion of cash from ATMs.

Meanwhile Barclaycard, which processes nearly half of all the UK’s debit and credit card transactions2, expects shoppers to spend more this Christmas than last as its latest data shows consumer spending up +2.8% on last year.

2013: a year of ‘Cautious Confidence’ as consumers start spending again

• Increasing confidence amongst consumers pushed spending up +3.3% – outstripping inflation for the first time in three years
• Biggest increases were in spending on entertainment (+9.3%) and travel (+4.9%) as consumer spent more on treats and having fun
• But sentiment remains fragile with fiscal responsibility and sluggish wage growth continuing to squeeze discretionary spend