Agents record biggest growth in transactions of all sectors in September
James ChappleTravel agents continued to attract sales and defy the tough economic landscape in September amid modest year-on-year growth in non-essential consumer spending.
Spending with travel agents increased by 9.2% year-on-year in September – nearly three-and-a-half times more than the overall increase in non-essential spending (+2.7%).
Barclays’ latest consumer spend report also revealed total transactions with agents increased by 14.6% in September – the biggest increase of any of the sectors monitored by the bank, with the overall rate growing by 2.3% last month.
Growth in spend with airlines narrowly outstripped the agent sector in September – 9.3% compared with 9.2% – but transactions with airlines grew by only 5% versus 14.6% for agents.
Only spending on entertainment, in general (14.4%), and digital content and subscriptions (10.6%) grew by a larger percentage in September than travel.
Agents, meanwhile, were most closely followed in terms of transaction growth in September by purchases of electronics (9.4%) and purchases with department stores (8.4%) and furniture stores (8%).
There was a 0.7% year-on-year decrease in face-to-face spending and 0.9% decrease in face-to-face transactions in September; this compares with a 3.7% year-on-year increase in online spending and a 5.1% increase in online transactions during the same month.
Travel defied a spending downturn during this year’s washout June, when transactions with agents leapt by 13.3% year-on-year, with both spending and transactions remaining up year-on-year in July too.
Karen Johnson, Barclays’ head of retail, said: “Retail’s recovery emerged as a bright spot in September, despite there being colder weather and darker evenings on the horizon.
"While shoppers’ remain cost-conscious, it’s clear they’re responsive to retailers’ promotional activity. Discerning shoppers are also finding room for treats and little luxuries within their budget, demonstrating that consumers are prioritising spending on things that bring them joy.
"While many are anticipating a costly Christmas, there are encouraging signs that people feel confident in their ability to manage their household finances and take control of their festive spending."
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