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More good cheer for retailers

Nov 22 2010

An increase in credit card spending could mean a Christmas boost for retailers

Increased credit card spending in October has boosted hopes that this Christmas will see more money spent by consumers than was the case in 2009.

The amount spent on credit and debit cards, in-store and online, increased by 11.2 per cent in October compared to the same month last year, according to the Barclaycard Spending Index.

The double-digit percentage rise is partly due to spending levels in 2009 being particularly low, coupled with a greater spend on Halloween this year, estimated by analysts to be worth £280 million to retailers overall.

The figures also reflect the continued migration from cash to card and automated payments.

Stuart Neal, head of Barclaycard UK Payment Acceptance says: ‘This double digit year-on-year increase underlines what a dire year 2009 was for retailers and they can expect to have a much better Christmas [this year].’

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