Record debit card spend predicted

Consumers are expected to spend a record £23 billion on their debit cards during December despite the economic downturn, according to the latest research.

A further 17.8 billion of cash is also expected to be withdrawn from ATMs during the month, according to Barclays.

The group, which based its research on spending trends in the past two years, expects debit card spending to be 4% higher than during December 2008.

It said the extra bank holiday over the Christmas weekend was likely to benefit high streets and shopping centres as Britons used the additional day off to hit the sales.

People are expected to spend £5 billion on their debit cards in supermarkets this month, as well as £1 billion in petrol stations.

Debit card spending in departments stores is expected to hit £650 million, with jewellers taking in £210 million.

People are also expected to spend £600 million in restaurants and pubs during the month, while they will use their debit cards to spend £75 million in off-licences.

Friday December 18 is expected to be the busiest day in December for cash withdrawals from ATMs, as people hit the high street for last minute Christmas shopping and many people finish work for their Christmas break.

The peak time for cash withdrawals on the 18th is likely to be between 12pm and 1pm, with around £24,000 taken out every second during this period.

Copyright © Press Association 2009
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