Spending habits undergo ‘revolution’

Picture: John Devlin

Picture: John Devlin

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Expenditure in record shops and video stores has slumped by 71 and 49 per cent respectively over the past ten years as consumers moved to online streaming services – but card spend in supermarkets has almost doubled, a study has revealed.

The report said that consumer spending has undergone a “revolution” over the past decade, as it found that spending on debit and credit cards rose from £270 billion in 2005 to £566bn in 2014.

Richard Koch, head of policy at the UK Cards Association, said: “Today we think nothing of paying for a coffee and a sandwich with a contactless payment card or streaming films on a smartphone which is also enabled for mobile payments. This is so different to a decade ago when we carried more cash and shopped in high street stores.”

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