Retailers have been battling for share of spend against each other as well as other consumer industries – a trend likely to continue in 2016.
Leisure and hospitality have led the way in capturing consumers’ cash, particularly hotels, bars and restaurants.
Visa Europe UK and Ireland managing director Kevin Jenkins observes: “A number of factors drove this behaviour, from employment hitting a fresh high to muted inflation, and continued low interest rates.
”These, combined with other factors like dropping fuel prices at the pumps and the ongoing price war among food retailers, meant people were able to spend more on things they enjoy, particularly going away, eating out, and entertaining.”
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