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Highlights
- There is a 13.7% increase in consumer card spending in February this year as compared to the February 2020 level.
- According to a report by Barclaycard, retail spending continued to rise in February with spends growth of 18.9%.
- The UK inflation levels may cross 7% soon, squeezing consumer spending in the coming time.
Consumer spending is back to its pre-pandemic levels as the impact of the pandemic-related restrictions is fading. According to the results of a survey released on 7 March, consumer spending in the UK soared sharply in February. Though Britons are spending more, the inflationary situation seems to worsen in the coming months, and thus the future looks bleak.
As compared to the February 2020 level, before the pandemic struck the UK economy, there was a 13.7% increase in consumer card spending in February this year, as per payment card provider Barclaycard. This is the highest figure recorded since November last year. While there was sluggish growth in supermarket spending, a strong increase in spending on holidays and accommodations as well as luxury items was seen during the month.
According to the Barclaycard report, retail spending continued to rise in February with spends growth of 18.9% as compared to February last year. The retail transaction growth for the month was 11.4%.
The inflation levels have been surging over the past months and are all set to cross the 7% mark soon. The Bank of England is raising the interest rates to counter the effect of soaring inflation, which will further increase the burden on the budget of households. Amid decreasing disposable income, discretionary spending will potentially be hit the worst. Let’s look at 3 UK consumer discretionary stocks which may be added to your portfolio.
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Audioboom Group PLC (LON: BOOM)
The globally leading podcast company, Audioboom Group PLC, is listed on the London Stock Exchange’s AIM since 2005. It operates predominantly in the UK and the US. The market cap of the company stands at £285.92 million as of 7 March 2022.
The company has performed very well, and it has given a significant return of 323.46% to its shareholders over the last one year, while its year-to-date return stands at 22.59% as of 7 March 2022.
Lookers plc (LON: LOOK)
The leading car dealership chain, Lookers plc, is listed on the London Stock Exchange’s main market since 1973. It operates principally in the UK and Ireland. The market cap of the company stands at £319.79 million as of 7 March 2022.
The performance of the company has been decent, and it has given a good return of 87.59% to its shareholders over the last one year, while its year-to-date return stands at 22.71% as of 7 March 2022.
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Photo-Me International plc (LON: PHTM)
The supplier of instant-service vending equipment, Photo-Me International plc, is listed on the London Stock Exchange’s main market since 1962. It operates in the UK as well as other countries like Japan, France, and Germany. The market cap of the company stands at £245.71 million as of 7 March 2022.
The company has performed reasonably well, and it has given a return of 20.37% to its shareholders over the last one year, while its year-to-date return stands at 3.17% as of 7 March 2022.
