Is the V-shaped recovery happening?Spending returns back to pre-lockdown levels as Britain splashes out on staying in and eating out
Spending returned to pre-lockdown levels in July as Britons spruced up their gardens and, by August, ventured out for a meal.
In an early sign that the economy is rebounding, in the middle of July spending even surpassed the same period of last year by 5 per cent.
‘Positive’: Although spending at pubs and restaurants got off to a slow start, early data from August showed the Eat Out to Help Out scheme was working
Much of the money spent still revolved around the home.
Data from Cardlytics, which tracks card spending in the UK, found working from home drove a 29 per cent increase in shopping for office equipment and stationery over July 2019.
Spending on homes and gardens was up by 35 per cent and there was a 19 per cent rise in buying food, toys and other kit for pets.
Although spending at pubs and restaurants got off to a slow start, early data from August showed the Eat Out to Help Out scheme was working.
The amount of money spent and the number of customer visits to restaurants rose by 11 per cent in the first week of August compared with the week before.
Duncan Smith of Cardlytics said the July data was a ‘positive landmark’ but said ‘consumer anxiety’ will rise when furlough ends.