Londoners are driving an increase in economic confidence with a surge of spending on furniture, clothes and meals out, research today reveals.
The report, from Barclaycard, shows the capital is powering a growth in consumer spending with the largest year-on-year increase of 4.9 per cent compared to 3.8 per cent nationally.
The Barclaycard Consumer Spending Report, which examines consumer spending patterns and attitudes, says confidence in the economy is rising, with almost half of all Britons now feeling positive about the UK’s economic outlook, up from 38 per cent at the end of 2014.
Chris Wood, Managing Director at Barclaycard, said: “Confidence in economic conditions is empowering consumers to begin to spend again on life’s little luxuries. As a result, in the first quarter of the year we see a significant uplift in consumer spending on dining out and electronic goods.
“Despite some caution around the upcoming General Election, this looks set to continue – one in ten people plan to treat themselves to a smartwatch in 2015, and households are already planning more days out together as the summer approaches.
"This is an encouraging start to 2015 for consumers and retailers alike.”
