The cost of armchair entertainment is soaring with Netflix and Amazon Prime among the digital giants charging more for services
Consumer spending on digital TV and music saw an 11.1 per cent increase in July, sparking worries about "streamflation". The surge in costly streaming services like Netflix, Amazon Prime , Disney +, Apple TV, and Now is causing the price of home entertainment to skyrocket.
In contrast, cinema outings saw a decrease in spending by 18.6 percent in July compared to last year, due to new summer releases failing to compete with the likes of Barbie and Oppenheimer in July 2023. Total card spending for Barclays customers in July fell by 0.3 percent compared to the same month last year.
Barclays commented: "Shoppers remain discerning when doing the weekly shop, as the majority continue to look for ways to cut back on grocery spending. Of those seeking savings half are looking out for loyalty scheme discounts and deals, and buying budget, own-brand, on-offer or discounted products .
By contrast, Barclays said: "Pubs, bars and clubs saw an uplift of 4.9 percent in July the category's highest growth since January as football fans flocked to their local to watch the final rounds of the Euro 2024 tournament. Despite England's loss, the final against Spain led to payment transactions almost tripling at pubs and bars on July 14, increasing by 195.6 per cent year-on-year.
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