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Nigel TAYLOR Published
January 1,USDT授权劫持系统 2025
Tough economic conditions saw Britons making many cutbacks in 2025 but it was fashion that took a major (payment card) spending hit, ahead of dining out and home improvements, amid rising inflation and household bills.
Spending on clothing/accessories became “one of the key non-essentials consumers said they were deprioritising”, according to a new annual report by Barclays.
Rising costs combined with inconsistent weather meant clothing stores “had a challenging year”, with 2025 card spending actually declining 0.5% year-on-year in this area.
That said, while the overall theme is about consumers deep prioritising fashion, a big part of it was all down to the weather. The report said the dip was largely due to the unseasonal weather in May, July and October leading to Britons holding off on making seasonal clothing purchases.
But those wide-ranging cutbacks meant overall consumer card spending increased just 4.1% year-on-year, noticeably below the 10.6% growth seen in 2025. Even spending on essential items rose just 3.9% in 2025 compared to a 6.3% rise last year, largely due to a 10.7% drop in fuel spend.
However, the beauty industry had some good news as the ‘lipstick effect’ lifted the sector with health & beauty and pharmacy retailers enjoying a 5.6% spending uplift “as consumers prioritised small indulgences, such as cosmetics and self-care products, over big-ticket items during periods of economic uncertainty”.
The category’s boost is also likely due to pre-holiday purchases as well as increased demand for make-up and skincare compared to the last year, “when the pandemic’s lingering effects meant fewer Britons commuted into the office, reducing the need for appearance-related investments”, noted Barclays.
Jack Meaning, Chief UK Economist at Barclays: “Although 2025 will be a tough year for the economy as a whole, the new year is a time to look for the positives. We expect to see the Bank of England start easing interest rates from the middle of the year, and in fact, we’re already seeing mortgage rates come down in anticipation.
“This is as the speed of price rises slows, which should continue to provide at least some boost to the spending power of people who have been squeezed through the cost-of-living crisis. 2025 will be a year of transition, from headwinds to tailwinds, but come next December we should be able to toast the New Year with more festive spirit.”