UK retail spending falls in 2022 amid cost of living crisis

Barclaycard data shows number of transactions was up but high inflation led to smaller basket sizes

Retailers have failed to benefit from a post-lockdown boost in UK high street activity this year after soaring energy bills and the cost of living crisis forced households to rein in their spending.

Despite an increase in face-to-face shopping after the lifting of Covid 19 restrictions, Barclaycard data released for the whole of 2022 showed retail spending fell 0.8% on the previous year.