Barclaycard Data Shows Huge Rebound for Retail, Pubs & Bars, and Hairdressers
New data from Barclaycard Payments, which processes almost £1 in every £3 spent in the UK, shines a light on the economic impact of the 12th April changes to social distancing, which included the re-opening of non-essential retail, outdoor hospitality, and hair and beauty businesses.
Just one week after the changes came into force, Barclaycard Payments has already recorded significant growth across all the sectors that were allowed to re-open, stemming from the country’s pent-up demand for returning to pre-pandemic activities.
Last week’s changes caused a stampede of customers rushing back to hairdressing and beauty businesses – the overall amount spent was not only 438 percent above where it was the previous week, but it was also 62 percent higher than the same week in 2019, before the pandemic.
Spending at pubs and bars also saw a huge spike, surging 1,390 percent week-on-week. This was even more pronounced over the weekend, with Saturday’s warm weather causing transaction volumes to rise by a whopping 1,897 percent compared to the Saturday before. However, the sector was still 40 percent behind where it was in 2019. This is likely because venues are not yet back to full capacity – only outdoor hospitality venues are currently open – as well as a degree of caution from Brits who are not yet fully comfortable socialising in close proximity to others.
It was also a very positive week for clothing – a sector that has struggled over the past year – with transaction values jumping 32 percent week-on-week, and even rising above pre-pandemic levels, with an 8 percent increase compared to the same week in 2019. It was a similar story for the retail sector as a whole, with transactions up 67 percent compared to the previous week, and up 6 percent compared to the same week in 2019.
Consumers have consistently demonstrated their support for local, independent businesses throughout the pandemic. Last week was no exception – across all sectors, small and medium-sized businesses saw the value of all transactions grow by 42 percent compared to the previous week, and by 14 percent compared to the same week in 2019.
Rob Cameron, CEO of Barclaycard Payments, said: “We are now seeing the economy start to gather pace as restrictions continue to ease, and more sectors are allowed to reopen. This is welcome news for all UK businesses, especially for those smaller businesses which have struggled over the past 12 months. As a nation, we have really got behind local independent traders throughout the pandemic – now that the end is in sight, and the economy is starting to turn a corner, it’s vital that shoppers continue to show them support as the road to recovery gets underway.”
People In This Post
- The Bank of London Appoints Marc Jenkins as Chief Financial Officer UK Read more
- FF Awards 2022 Highlights Read more
- MAPFRE RE Increases Capital by 250 Million Euros to Offer Greater Reinsurance Capacity to Its Clients and Boost Growth Read more
- Thales Addresses Inclusivity With Its ‘Voice Payment Card’ Read more
- StrideUp Cuts Rates and Launches Its Innovative First-time Buyer Product to the Intermediary Market Read more