THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
KNOWLEDGE CENTRE
PARTNER DATABASE
ABOUT US
CONTACT US
REGISTER
Consumer spending in supermarkets soars over the last ten years

A new study has shown that 58p of every £1 spent by shoppers goes to supermarkets as they continue to expand their non-food offering. The figure is up from 46p ten years ago.

GENERAL MERCHANDISE

Consumer spending in supermarkets soars over the last ten years

The Payment Council’s latest report, The Way We Pay, shows that spending in furniture and homeware shops fell by almost half in the last ten years while newsagents lost nearly a fifth of their trade. In addition, spending in DIY stores is down by nearly half while the amount spent on petrol in supermarkets has almost tripled.

Clothing shops bucked the trend and increased their share of shopping spend by more than two thirds, but still only accounted for 3% of retail purchases.         

The study also found that entertainment spending has risen by over 60%, outstripping the growth in consumer spending by over a quarter. The amount spent by consumers in restaurants and cafés has more than doubled in the last ten years, increasing by 102%, while spending on cinemas rose 63%. 

UK consumers spent a total of £58 billion on entertainment last year, outstripping the £34 billion spent on gas and electricity.                         

The way consumers pay for goods and services also changed dramatically in the period with cheque usage continuing to fall and halving every five years.

Only 43% of retail spending by value was via notes and coins with debit card spending rising almost fourfold since 2001. Although three out of five of one-off payments are now small cash transactions, the use of cash is expected to fall by 1% by 2021 as consumers adopt new payment technologies such as contactless payments. 

Adrian Kamellard, chief executive of the Payments Council said: "The 2000s were the decade of the debit card.  The 2010s are likely to be the decade of the mobile phone.  Just as we can’t imagine how we ever did without the internet, many people will soon wonder how we used to be so dependent on cash and cheque.  Twenty years from now even cards may seem archaic.

"The quiet revolution in payments has enabled the creation of whole new industries such as e-shopping, it has changed our behaviour, and it has reduced transaction costs, and increased the speed and efficiency with which we can all pay each other.  

"The next ten years will see even faster change. It’s easy to imagine a future where we merely pat our pockets for our keys and phone.  The wallet could become a historical curiosity." 


 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe for retail news

RETAIL EVENTS

TRB CONFERENCES
Omnichannel Summit 2018
Omnichannel Summit 2018
7 February 2018
The Cavendish Conference Centre, London W1
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Retail Customer Engagement Summit 2018
Retail Customer Engagement Summit 2018
5 June 2018
Cavendish Conference Centre, London W1
The 9th Annual Retail Customer Engagement Summit
Retail Human Resources Summit 2018
Retail Human Resources Summit 2018
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
TRB FORUMS
GDPR for HR Q&A
GDPR for HR Q&A
24 January 2018
6th Floor, 1 St Martin's Le Grand, London EC1A 4AS
All your GDPR questions answered by experts...
Wellbeing and Benefits Roundtable
Wellbeing and Benefits Roundtable
07 March 2018
6th Floor, 1 St Martin's Le Grand, London EC1A 4AS
Wellbeing and Benefits Roundtable 2018