Are sock sales boosting credit card use?

Published: 14th July 2010

Are sock sales boosting credit card use?
Spending on credit cards in the UK in shops and online grew by a tenth (9.9 per cent) in June compared to the same month in the year before, new figures show.

While a full breakdown of spending on things like ladies socks and tights is not available, the Barclaycard Retail Card Spending Index shows that people are using their credit cards more online and on the high street.

This is the fourth month in succession that spending on cards has risen by more than eight per cent year-on-year.

General retail spending was also higher in June 2010 than the same month the year before, the latest BRC-KPMG Retail Sales Monitor shows.

According to the British Retail Consortium, the effects of the Budget measures have not yet been felt by consumers.

A spokesman said: "I think consumer confidence will take a serious knock once the impact of that is actually felt, but for the moment spending has not been hugely affected."

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Posted by Dave Ramsay
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