Consumer spending rose again in October, says Visa Europe

Consumer spending continues to pick up with research from Visa Europe pointing to sharp and accelerated growth in October.

Last month spending on all Visa debit and credit cards climbed by 6.8 per cent on the same month in 2014. The increase followed a 5.5 per cent rise in September.

The October jump was the largest since Visa began releasing data on customers’ spending habits 14 months ago.

The rise in spending was described as “broad-based”. Household goods again led the way with a 14.2 per cent spike as people spent more on home improvements. An increase of 12.3 per cent in clothes and shoe shops was also recorded as retailers continued to experience strong demand.

Spending at hotels, restaurants and bars also rebounded and was up 11.5 per cent from October 2014.

Pubs benefited in particular from high-profile sporting events during the month, notably the Rugby World Cup. The midterm break also provided a boost for the travel and recreational sectors.

Growth in eCommerce spending was also substantial in October with an annual increase of 10.6 per cent.