Bargain-hunting shoppers resort to bulk buying as discount store spending up 41%

22 February 2024 , 12:14

1114     0

Nationwide has looked at consumer spending based on debit and credit card transactions (Image: PA Wire/PA Images)

Shoppers are hunting for bargains as spending in discount stores has shot up by 41% annually.

In January this year, households spent 41% more at discount stores than they did in the same month in 2023, according to data from Nationwide Building Society. It says that people are turning to bulk buy and discount retailers as the cost of essentials continues to rise.

In January, debt payments went up by 7% compared to a year earlier, while supermarket spending increased by 6%. Rent payments in January were 28% higher than a year ago, and mortgage spending went up by 11%.

Spending on non-essentials, like holidays, leisure and charities, went up by 2% overall in January. Mark Nalder, who is in charge of payments strategy at Nationwide, said: "Our data shows how many households are being clever with their money by spending smart."

"But even though essential costs are still high, there are signs of hope, with non-essential costs going up year-on-year showing that many people can balance what they need with what they want. We would tell anyone who is having money troubles to talk to their bank or building society to help them get back on track."

UK house prices fall again - down 3.2% from last year peak, says Nationwide

The report was based on debit and credit card and direct debit transactions made by Nationwide customers.

Lawrence Matheson