NatWest issues debit card warning with '10 million customers' affected

NatWest has issued a debit card warning after working out its customers and bank account holders were "looking to spend less". The high street bank has shared the latest release based on its customers' debit card spending.

The latest debit card spending data from NatWest, comprising the anonymised transactions of almost 10 million customers, shows recreation spending increased 10 per cent in April 2024, versus the previous year. Average transaction values fell 4 per cent, though.

Betting has seen a big year-on-year increase, with an increase of 3.62 per cent on the same month last year. Spending on travel and tourism is also on the rise.

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Home items are being cut back on by consumers with a fall of just over 17 per cent year to date, with an average transaction in this category of just over £173, a fall of 11 per cent. A NatWest survey of customer attitudes found that just under half (49 per cent) of those surveyed said they’ve had to cut back on general spending in the past 12 months.

David Crawford, NatWest said: “Our customers are prepared to spend more on recreation and entertainment while cutting back on their home spending – a fall of around 17% on things like TVs, sofas and decoration. From our research, we’ve also seen that almost four in five customers say they’ve tried to supplement their income over the last year, doing things like selling unneeded or unused items.”

“Knowing that is why we’re continually improving the tools we have to help people plan and budget - as well as making their spend go further with cashback on spend through our Reward account.”

While spending on cosmetics is up by 9 per cent year to date, the average transaction for a cosmetics purchase is down by just under 7 per cent, at around £56.