Cash usage rises for first time in decade
Consumer use of cash grew for the first time in a decade, making up 19% of all transactions, up from 15% in 2021, according to the British Retail Consortium (BRC) Payments Survey 2023.
The BRC says this highlights the fact that many households are using cash to budget more carefully during the cost-of-living crisis.
UK retail sales grew by 4.3% to £439.5bn in 2022, which was mainly due to “rising prices” resulting from “increased costs throughout the supply chain”.
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