News

10 items found

25 Jul 2022

The Great British Cutback: Consumers start to slash spending to combat rising cost of living

  • Nationwide Spending Report shows drop across essential and non-essential expenditure and transactions
  • Nearly all non-essential categories fall in June with biggest drops in gardening, gambling and subscriptions
  • Spending on fuel and electric vehicle charging only ‘essentials’ category to see a spending increase in June
  • Spending Report suggests households feeling the pinch and comes as Nationwide launches new hotline

24 Jun 2022

Spend while the sun shines: Consumers balance growing cost of household bills with tonic of holidays, clothing and gardens

  • Spend in May hits 2022 peak as both essential and non-essential spending rise in value and number
  • Nationwide’s Spending Report shows around 14m more transactions were made in May than April
  • Essential spending rises driven by bills – including fuel, travel, utilities and paying off existing debt
  • But consumers have increased spending on the things they enjoy – holidays, clothing and gardening
  • Credit card spend up 6% vs April (and 22% on May 2021) while month-on-month debit card spend flat

23 May 2022

Consumer spending stalemate: rising costs undermine efforts to cutback household finances

  • Month-on-month growth in essential and non-essential spending broadly flat in April
  • Signs of creeping costs as transactions decrease but spend levels are maintained
  • Households cutting back on childcare, subscriptions, and TV, phone-and-broadband
  • But clothing, gardening, eating and drinking out see small jump during the month
  • Utility bills up 40% month-on-month - reflecting rising costs of energy and Council Tax

09 May 2022

Nationwide stops 2,000 more online shopping frauds a month as new payment checks show a small delay is worth its weight

  • Strong Customer Authentication stops 2,000 more transactions a month falling prey to fraud
  • More than two thirds are happy for payments to take a little longer if they are better protected
  • More worry about losing bank card than data theft, despite nearly all online fraud relying on leaks
  • 42% say SCA makes them feel safer and 27% say it makes them more likely to shop online

22 Apr 2022

Non-essential spend jumps 16% as longer and freer days put spring in the step of consumers despite cost of living rise

  • Nationwide’s Spending Report tracked c217m credit, debit card & direct debit transactions made in March
  • Overall spending up 16% vs February; non-essential spending (c£2.8bn) in March is highest so far in 2022
  • Spending on charities was up 45% vs March 2021, with many supporting the humanitarian effort in Ukraine
  • With rising petrol and diesel prices, spending on fuel and electric charging up 56% vs 12 months ago
  • Credit card transactions up 29% versus March 2021 as more turn to credit to pay for goods and services
  • Nationwide encourages people struggling financially to contact their bank or building society for support

21 Mar 2022

Belts begin to tighten as rising cost of living eats into non-essential spending

  • Nationwide’s latest Spending Report tracked c190m transactions made by members in February
  • Overall spending down 9% vs January: Non-essential spending down 4% and essential spend down 12%
  • 15% increase in spending in February on utilities and other bills versus 2021 as cost of living rises
  • But spending on holidays and getaways flies in face of pressure as nation prepares to take a break in 2022
  • Travel spending also up 12% from January as people return to office after WFH guidance was lifted

18 Feb 2022

Consumer spending soars in January despite cost of living crisis as pandemic measures ease up

  • Nationwide’s Spending Report analyses nearly 200m card and direct debit transactions in January
  • Annual spending growth up 18%, despite Plan B restrictions, reflecting a country more open than last January
  • Non-essential spend rockets by 43 per cent as people book holidays, flights and cruises for 2022
  • Essential spend up 15 per cent on last year with spending on utilities and bills up nine percent year-on-year
  • Payments via mobile phone continue to thrive – transactions up a staggering 179 per cent on January last year

23 Nov 2021

Brits back in black: Black Friday predicted to be biggest ever day of spending as normal service resumes

  • Black Friday spending forecast to be 32% higher than pre-pandemic peak following 2020 dip 
  • Nationwide members predicted to spend more than £251,000 per minute on Black Friday 
  • 5pm to 12am the most popular time to make purchases on Black Friday 
  • Research shows 36% worry about Xmas and 26% expect to be in more debt next year 
  • People willing to pay more for items if they are made and delivered sustainably 
  • LIVE DATA: CONSUMER SPENDING DATA TO BE AVAILABLE FOR MEDIA ON BLACK FRIDAY  

02 Nov 2021

Growth of consumer spending slows in third quarter of 2021 as people settle into rhythm

  • Nationwide’s Spending Report analyses 620m payments, with transactions rising 10% between Q2 and Q3
  • Modest three per cent increase in total spend; down on previous quarterly rise of 14% as spending stabilises
  • Essentials: Data shows a 4 per cent rise in household spend - transport, fuel, debt and utilities spend up
  • Non-essentials: 12 per cent rise in discretionary spend - leisure, holiday, food & drink and fashion up
  • Research reveals rising cost of living impacts financial wellbeing – 74% worried; with credit usage rising
  • Contactless card payments jump by 14 per cent and mobile payments up by more than a third (34%)

22 Jul 2021

Easing of restrictions sees loosening of purse strings as Brits begin to return to spending ways

  • Nationwide’s Spending Report shows total number of transactions made in Q2 up 20% on Q1
  • Non-essential spending up 60%, boosted by holidays, eating/drinking out, gardening & leisure
  • £133.7 million spent on charities between April and June – 16% up on the first 3 months of 2021
  • Contactless boom continues: mobile payments up 70% on the first quarter of the year
  • Travelling again: spend on taxis above pre-pandemic levels; public transport spend still down

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