UK credit card expenditure
has returned to pre-recession levels, but year-on-year growth was
the slowest in the last quarter.
Visa Europe’s UK
Expenditure Index has reported credit card spending grew for
the fifth consecutive quarter, but growth dipped in the third
quarter to 7.9%, down from 11.3% and 8.4% in the previous two
quarters.
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Total expenditure hit £87.6bn
($139.75bn) in the third quarter, £5.6bn up from £82bn in the
previous quarter.
“While spending is still
growing, there are clear warning signs that consumers remain
cautious about the future,” said Steve Perry, Visa Europe
commercial director.
“[The] total amount spent on
cards, especially on debit, has reached its highest levels since
the start of the recession, [but] it seems unlikely that these
strong growth rates will continue. However, the data still suggests
there will be a more muted recovery rather than a double-dip
recession.”
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