Barclays update as customers may be £57 better off

Barclays is the UK’s most popular bank (Image: Getty)

Barclays has issued a new update as it moved to tell customers they could soon be more than £57 better off. The banking giant is the UK’s most popular, with some tens of millions of people using its services.

Its latest update gave some insight into consumer spending, as figures revealed “card spending growth remained flat in December at 0 percent year on year, significantly lower than the latest CPIH inflation rate of 3.5 percent”. It added that cutbacks on essential items were “offset by growth in discretionary spending” – or people treating themselves.

Looking ahead to 2025, Barclays added, it found some 35% of UK adults are taking part in Dry January this year. Of this group “40 percent are trying to be healthier, while 22 percent want to reduce their spending on alcohol”, Barclays said.

The banking giant added that those taking part will be £57.70 better off for doing so, on average. Karen Johnson, head of retail at Barclays, said: “Consumers demonstrated their ability to carefully manage their money once again in December, finding ways to save while still sprinkling in some cheer, setting aside funds to treats themselves and loved ones over the festive period.

“Brits are also planning to prioritise memorable moments in 2025, with travel emerging as a clear spending priority. Health is also held in high regard; those making New Year’s resolutions will cut back on pub trips, but spend on healthier alternatives to nights out.”

Jack Meaning, chief UK economist at Barclays, added: “As 2024 closed, consumers remained cautious, in line with muted confidence, elevated uncertainty and high rates of saving. In 2025, we expect household consumption to grow by less than one per cent, ahead of further cuts from the Bank of England over the course of the year.”

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