Britons bagging bargains as spending in discount stores jumps by 41% annually

Nationwide Building Society said people are turning to bulk buy and discount retailers as essential costs continue to increase.

Households spent 41% more at discount stores by value in January this year than the same month in 2023, according to customer data from Nationwide Building Society (Mike Egerton/PA) (PA Wire)

Households spent 41% more at discount stores by value in January this year than the same month in 2023, according to customer data from Britain’s biggest building society.

Nationwide Building Society said people are turning to bulk buy and discount retailers as essential costs continue to increase.

Debt payments increased by 7% by value in January, compared with a year earlier, while supermarket spending was up by 6%.

Spending on rent payments in January was 28% higher by value than a year ago, while mortgage spending increased by 11%.

Spending on non-essentials increased by 2% annually overall in January, by value.

Despite essential costs remaining high, there are potential green shoots of optimism, with non-essential costs up year-on-year

Mark Nalder, Nationwide Building Society

The category includes spending on holidays, leisure and charities, among other types of spending.

Mark Nalder, Nationwide’s payments strategy director, said: “Our data highlights how many households are being resourceful with their finances by spending smart.

“But despite essential costs remaining high, there are potential green shoots of optimism, with non-essential costs up year-on-year – demonstrating that many are able to balance what they need with what they want.

“We would encourage anyone who is struggling financially to get in touch with their financial services provider to help them get back on track.”

The report was based on debit and credit card and direct debit transactions made by Nationwide customers.