Sunny weather boosts credit card spending
By UK CreditCards.com
The effects of the weather on credit card spending have been laid bare in a new report from a provider.
According to The Co-operative Bank, numbers of payments for certain goods and services vary widely as a direct consequence of whether or not the sun is shining.
The firm conducted its research by comparing customer spending patterns over two weekends, one at the end of May and the other at the beginning of June.
Over the first period, hot and sunny weather prevailed with temperatures hitting 25C. However, on the second weekend, rain fell and the mercury dropped to an average of 10C.
The Co-op said that the single biggest increase in card spending when the sun was out was for membership clubs and golf courses, where transactions surged by 29%. In the rain, travel agents did the best, with a 25% increase noted as Britons booked their summer holidays.
Maxine Xodo-Rose, credit card product manager at The Co-operative Bank, commented: "Summer offers a great opportunity to spend time with the family, and entertaining kids for two months can quickly add up so spending money wisely whatever the weather is a must."
Published: 25 August 2009
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