º£½ÇÊÓƵ consumer spending saw an increase in February, with a significant rise in home renovation purchases, takeaways, and indoor entertainment, according to data from º£½ÇÊÓƵ fintech firm Revolut.
Revolut's new data tracked 93 million card payments last month, revealing a shift in consumer habits following the January spending dip , as reported by .
Home renovations
Spending at home supply stores surged by 47 per cent compared to the previous month, as households splurged on renovations using their early-year paychecks.
There was also a spike in interest for second-hand and vintage decor, with online antique purchasing up 27 per cent, significantly overshadowing the six per cent rise in in-store spending.
According to earlier data from the fintech giant, a recent surge in house prices has prompted º£½ÇÊÓƵ homeowners to renovate rather than relocate due to high property costs and tax rates.
With house prices reaching record highs, customers have shifted towards making their existing homes more appealing and functional instead of facing the challenges of buying a new property.
Indoor entertainment spending
Spending on attractions such as aquariums increased by 31 per cent during the February half-term break, as customers leaned towards cultural experiences.
Theatre ticket sales also saw a 24 per cent increase.
Museums experienced a nine per cent rise in visitors, while purchases in their gift shops also grew by an additional 12 per cent.
Takeaway orders continued to grow
Spending on online takeaway meal deliveries has seen a 29 per cent increase year on year, indicating a sustained demand for convenience dining.
This is in line with a longer-term trend of growing takeaway consumption across the º£½ÇÊÓƵ, largely propelled by expanded delivery services and consumer preference.
This comes on the heels of Just Eat's recent introduction of its first drone-operated food deliveries, which could revolutionise the º£½ÇÊÓƵ takeaway sector.
The service was designed to enhance efficiency and minimise delivery times during peak hours.
It is projected to extend across the food delivery giant's international markets.
Spring shift
Revolut has forecasted continued robustness in customer spending as we approach Spring.
Expenditure on home improvements is expected to continue its upward trajectory as spring cleaning and renovation projects gain momentum.
Meanwhile, the report anticipates an increase in travel expenditure ahead of the Easter break and May bank holidays.
