ONS Taps Card Data to Track Pandemic Consumer Spend

In the UK, the Office for National Statistics (ONS) has announced plans to publish credit and debit card transaction data from the Bank of England, to help analyse how individuals have been spending their money during the past twelve months.

This data is taken from transactions made by customers using cards at both online and brick-and-mortar stores, as well as by phone. The Bank of England then anonymises and aggregates the data prior to publication. Data has been broken down into four consumption categories - Staples, such as food and drink, communications, and utilities; Delayable, covering clothing, footwear, vehicles, and household goods; Work-related, including public transport and fuel; and Social, comprising air travel, restaurants and hotels. Each is weighted according to its (relative) share of annual UK household consumption in Q4 2019.

The data tracks the daily CHAPS payments (Clearing House Automated Payment System - operated by the Bank of England) made by credit and debit card payment processors to around 100 UK retailers. It will be updated weekly; and based on transactional data from January 2020 up until the Thursday of the week before publication, allowing the ONS to track differing trends in near real time. This new CHAPS data is now part of the ONS Faster Indicator series, which provides early information about the impact of COVID-19 using rapid response surveys, novel data sources and experimental methods.

David Matthewson, ONS Branch Head for Faster Indicators, explains: 'The pandemic has had such an impact on our everyday lives - movement restrictions, store closures, panic buying and people occupying more time at home have all influenced our spending patterns and consumer behaviour. These transaction data represent a big step forward in our ability to see how purchasing habits have changed during all the stages of the pandemic so far, and going forward, will continue to provide valuable insights'.

Web site: www.ons.gov.uk .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.