The UK has seen a staggering amount of change in the last 10 years. From Brexit, to a global pandemic, to a cost of living crisis, the country today looks very different than it did a decade ago.
With 20 million customers and sight of 40% of the UK’s credit and debit card transactions, Barclays has been part of the transformation of the nation’s spending and has a unique view of UK spend during this time.
This report brings together billions of card payments and over 200,000 completed surveys to provide unparalleled insight into how UK spending has evolved over the last decade and the 10 trends that are set to define it for years to come.
As you read it, you will see not only how consumers are spending their money, but also how they are feeling about the economy. Our analysis shows that while the macroeconomic shocks of the past 10 years have chipped away at confidence in the UK economy, confidence in household finances has remained resilient.
Against this backdrop, this report demonstrates the transformation in financial priorities. We see that over the past decade, consumers have become savvier and more mindful about their spending. At the same time, they are more willing to spend on the things they truly value like travel and entertainment. It is also clear that the evolving priorities of younger generations are already redefining why, how and where money is spent.
Barclays is ambitious for the UK economy. Consumer spending accounts for around 60% of the country’s GDP. It is an important driver of growth and prosperity.
I hope that as policymakers, financial institutions and businesses explore different ways to unlock growth, they are able to use these insights for a deep and differentiated understanding of the UK consumer landscape.