Consumer electronics spending rose 4.2 per cent in September, well above the recent annual CPIH inflation rate of 6.3 per cent, but higher than the 2.8 per cent in August when the late summer sun boosted
spending at stores.
October is just around the corner: 44% of Britons say they plan to reduce discretionary spending in the months ahead to save money for the festive holidays, with food in restaurants the most common cut (60%).
Meanwhile, rising living costs will still affect restaurant spending, which reported another decline in September (-10.8 per cent from -5.8 per cent in August).
Customers still tied their belts tighter than usual in spite of a warmer-than-usual September, which brought some relief to the hospitality sector as well as major sporting events.
Esme Harwood, director at Barclays said:'Grocery spending tapered off over the summer, thanks to the long-awaited drop in food price inflation. Worryingly, growth sped up again in September, which could be
an early warning sign that food prices may not come down as quickly as we'd hoped.
Barclays chief economic economist Jack Meaning said: 'Over the past few months, a picture has been building of consumers beginning to pull back on discretionary spending as the cost of living and monetary
tightening from the Bank of England increasingly bite.
As buyers become more cost conscious, almost half (47%) had noticed more examples of surge pricing, in which companies raise the price of products and services at peak times or with higher demand.
While some pubs and bars charge a higher fee as business goes busier, only one in 12 (8 per cent) consumers want to spend more on food and drink at popular times.
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