UK Payments Industry Publishes 2008 Spending Data
APACS has released new figures from the UK payments industry that give an authoritative overview of UK consumers’ spending habits last year.
The retail spending statistics, which cover all online and offline retail transactions in 2008, show that of a total £269.9bn spent by consumers, 43 per cent (£116.1bn) was by debit card, 32 per cent (£86bn) was by cash, 23 per cent (£60.7bn) was by credit card and only 3 per cent (£7.1bn) was by cheque."
Total consumer spending statistics for the UK, also released today, show that for general consumer spending - which includes financial payments and payments for travel and entertainment among others - debit card and automated payment use also grew strongly between 2007 and 2008. Last year, debit card spending grew by 9.5% to reach £245 billion, and automated payments by 6.9% to reach £333 billion. That year, cheques accounted for less than three quarters the amount spent by UK consumers on their debit cards.
Sandra Quinn, director of communications says: "Despite what started to happen across the economy last year these latest figures don’t reveal any marked changes from the annual trends we’ve seen over the past few years. Most notably consumers are increasingly choosing to use their debit cards in preference to cash or cheques and also, it seems, their credit cards.
"The rise to dominance of the debit card both on and off the high street has been meteoric – it was only back in December 2004 that combined total credit and debit card spending overtook total cash spending for the first time. This year we expect debit card spending alone will outstrip cash spending for the first time.”
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