In the past five years there have been many challenges impacting UK businesses, with consumer behaviour driving change across industries. In the UK, Worldpay’s payments platform supports thousands of businesses, millions of consumers, and billions of transactions, giving us with a unique view of consumer spend.
Worldpay have analysed five years’ worth of card payment data to identify how consumer spend behaviour has impacted the performance of five key industry sectors: retail, grocery, bars and restaurants, leisure and culture, and travel.
The key trends we identified were:
- Experience led – with less focus on discretionary retail, consumers are building memories with experiences.
- Digitalisation – many sectors have seen phenomenal online growth which is driven by consumer desire for convenience, we look at what that means for businesses in-store
- Credit economy – with tighter budgets, we have seen consumer spend on credit card increase in essential retail, with a shift in how consumers’ purchase in specific sectors.