Consumer spending on restaurants grows 11% YoY in January

Overall consumer spending, meanwhile, grew by 2.9%.

Consumer spending in restaurants had an 11% increase year-on-year in January, Barclaycard reported.

Average transaction value was down by 2.3% despite the number of transactions growing by 13.6%.

Overall, consumer spending grew 2.9% year-on-year in January, following a slower December.

Barclaycard explains that consumers continue to remain cautious about their expenditure, with seven in ten saying they have become "much more careful to seek out value for money" in their purchases.

“Despite a modest uplift in overall consumer spending, retailers continued to struggle as the traditional January sales period wasn’t enough to entice shoppers to spend. Looking forward, consumers will continue to prioritise value for money, especially as many have concerns about potential price increases on everyday essentials," Esme Harwood, Director at Barclaycard, said.