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what we spend on credit cards

Overall spending levels to double from £645 to £1,225

Men will outspend women by 19% over the next three months

Over fifties set to outspend all other age groups over the same period

Credit card spending is set to double from £645 to £1,225 over the next three months with spending on the home and car likely to fuel this increase, according to the latest figures from the Morgan Stanley Card Index.

Following the belt-tightening first quarter of the year, British cardholders are preparing to splash out on their plastic for the DIY season. House proud Britons estimate they will spend an average of £363 on the home and car, over double their intended spend during the first three months of the year (£152).

Holidays are the second highest area of expenditure over the next three months (£331) as Britons prepare for their summer break. Grocery shopping is also set to increase, from £177 to £315 over the same period, as British cardholders prepare for the warm weather and dust the cobwebs off the barbecue.

The Index found that men are widening the gap on credit card spending by planning to spend £1,355 on their plastic over the next three months, compared to womens £1,097. Men will spend around £408 on the home and car (compared to £318 for women). For the first time, men will also outspend women on groceries (£335 versus £295 for women).

Jet setting over fifties plan to spend the most of all age groups over the next three months (£1,401) with almost a third of their expenses (£435) being allocated to pay for some summer sun. The over fifties also plan to spend the most of any age group on the home (£411) and groceries (£355).

The Morgan Stanley Card Index, which is the only study to look at predictions on card spending, asked a GB representative sample of 2,000 adults how much they intend to spend on a variety of items over the next three months.

Regional findings: People from the Midlands and Wales will spend the most of any region on their homes and cars this spring (£438), a third of their total plastic expenditure.

Scots are planning for the holiday season; with a massive 43 per cent of their predicted credit card spend over the next three months being on holidays (£513).

Those in the South of England plan to spend the most of any region on their groceries between April and June (£364).

Londoners intend to have the highest expenditure on luxuries over the second quarter of the year, spending £164 on socialising, £100 on clothes and grooming and £45 on home entertainment.

Patrick Muir, marketing director, the Morgan Stanley Platinum Card, said: “After the lull in spending in the New Year, we are now seeing a rise in spending on DIY and holidays as we hit the Bank Holiday season. Britons are increasingly using their credit cards to pay for everyday items, including groceries, petrol and bills. One reason for this is that monthly statements help people keep track of exactly where their money is going. These results show that across the board, people are comfortable using their credit cards for all types of purchases, often making the most of cashback schemes and being rewarded for the things that they buy anyway”.

You can get cashback on all purchases on a Morgan Stanley Platinum Card.

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