The EU referendum has done little to slow consumer spending, according to new data from banking rewards operator Cardlytics.
The company – which runs banking rewards programs on behalf of companies including Bank of America and Santander – said that spending was resilient during the third quarter despite concerns of a post-EU referendum slowdown.
The Cardlytics Spending Index, based on the spending behaviour and shopping habits of over 10 million bank customers, revealed that while overall spending fell 1.8% on the previous quarter, it was up 4% year-on-year.
Growth is spearheaded by a significant increase in dining out, with spending in quick-service restaurants up by 34.1% on last year. Spending on non-fast-food restaurants was up 11.9% on the same quarter in 2015, and up 2.3% compared to last quarter. Leisure spend was up 11.7% for quarter three 2015, and up 2.9% on last quarter.
However, travel spend was impacted, suggesting consumers are opting to stay in the UK rather than travel abroad, as the pound continues to fluctuate in value against other major currencies. Spending on airlines fell -6.5% on the previous quarter, while travel spend dropped by -16.3%.
Duncan Smith, head of business development at Cardlytics UK, said: 'Brands have weathered the post-referendum storm well. But with the potential for more uncertainty ahead, they’ll need to work hard to keep customers coming back.
'This is an important time of year in the run-up to Christmas, so brands’ ability to engage consumers will be crucial.'