Taylor Swift and Foo Fighters concert ticket sales helped to boost card spending by 4% year-on-year in July in the UK, despite the ongoing economic difficulties presented by the cost-of-living crisis.
Live entertainment, holidays and summer socialising inspired consumers to spend money, but the overall growth figure fell from 5.4% in June, according to London-headquartered bank, Barclays.
The hospitality and leisure sector celebrated an uplift as bars, pubs and clubs also enjoyed 7.6% growth. Restaurant spending, though still in decline, improved to -2.5% from -8.2%.
The entertainment sector witnessed a 15.8% boost year-on-year, with surges recorded during on-sale dates for Taylor Swift’s Eras tour and Foo Fighters’ upcoming stadium concerts.
Despite the ongoing cost-of-living crisis, Barclays reported that entertainment was still a priority spending area for many. One in 10 are cutting back on other expenses to afford tickets to concerts and movies, while 10% said they treated themselves to a concert or film ticket in July even though they couldn’t really afford it.
Esme Harwood, director at Barclays, said: “While July’s weather was a wash-out for clothing retailers, it was a ray of sunshine for takeaways and streaming services, which performed better than expected. Entertainment also enjoyed a huge boost, largely thanks to pre-sales for Taylor Swift’s and Foo Fighters’ upcoming stadium tours.”