Latest news with #post-Christmas
Business Wire
26-06-2025
- Business
- Business Wire
FICO UK Credit Card Market Report: April 2025
LONDON--(BUSINESS WIRE)--The usual seasonal spending increase in April was evident in the latest data from global analytics software leader FICO, following a post-Christmas dip. However, spend was slightly lower year-on-year, reflecting continued financial pressures. The proportion of balance paid has also been trending downwards so far in 2025, and in April was 6.2% lower year-on-year. Combined with the impact of inflation, this meant balances were 4.9% higher than April 2024. The picture for April reflects the continued pressure on household finances as overall credit card balances track higher year-on-year and average delinquent balances do the same. Highlights Spending rose in April by 11.8% month-on-month, to £825 but was 0.5% down year-on-year Average balances rose by 1.5% on the previous month and 4.9% on the previous year, to £1,875 Customers missing one credit card payment fell 22.1% month-on-month The average balance of accounts missing one payment is £2,325, 4.9% higher than April 2024 The average balance for accounts with two and three missed payments was also significantly higher year-on-year, at 6% and 6.3% respectively The percentage of customers using credit cards to take out cash increased by 2.8% month-on-month after seven consecutive decreases, standing at 2.9% in April FICO Comment: The picture for April reflects the continued pressure on household finances as overall credit card balances track higher year-on-year and average delinquent balances do the same. April typically sees an increase in spend after the post-Christmas fall and this year was no exception, increasing by 11.8% month-on-month to £825. However, despite a drop in spending, balances increased by 1.5% month-on-month to an average of £1,875 – a 4.9% increase on the previous year. This measure continues to trend upwards. Another signal of financial pressure is the percentage of balance paid, which has been decreasing since January 2025. Now standing at 33.98% it is 6.2% lower than April 2024 and 0.9% lower than March 2025. If this continues, it may reach pre-pandemic levels of around 30%. After the 23.1% month-on-month increase in March, the percentage of customers missing one payment has dropped by 22.1% in April, to 1.29%. This is also 14% lower year-on-year. Encouragingly, the large increase in the number of customers missing one payment in March has not carried through to customers missing two payments in April. At 0.3%, this is only a 0.2% increase month-on-month and is 6.6% lower year-on-year, indicating good collections practices. Just 0.2% of customers missed three payments, which is 3.3% lower month-on-month and 5.8% lower year-on-year. However, the average balance for accounts with one missed payment increased slightly by 0.2% to an average of £2,325 in April, which is 4.9% higher year-on-year. Balances for accounts with two and three missed payments dropped month-on-month but remain higher than the previous year. The average two-cycle balance dropped 1.3% month-on-month and rose 6% year-on-year to £2,840. The average three-cycle balance dropped slightly by 0.2% to an average of £3,215, which is a 6.3% increase year-on-year. Also following seasonal trends, the percentage of customers using credit cards to take out cash increased by 2.8% month-on-month after seven consecutive decreases. This now stands at 2.99% in April 2025. This measure is heavily influenced by seasonality and is likely to increase over the spring and summer months, peaking in September. In light of the latest FICO data, lenders will want to continue to review collections strategies, ensuring customers with higher balances at risk are prioritised and receive flexible and tailored treatment. They may also want to focus on those customers using their cards for cash withdrawals, as this can often be an early sign of financial stress. Key Trend Indicators – UK Cards These card performance figures are part of the data shared with subscribers of the FICO® Benchmark Reporting Service. The data sample comes from client reports generated by the FICO ® TRIAD ® Customer Manager solution in use by some 80% of UK card issuers. For more information on these trends, contact FICO. About FICO FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency. Learn more at FICO and TRIAD are registered trademarks of Fair Isaac Corporation in the United States and other countries.
West Australian
11-06-2025
- Business
- West Australian
Watchdog bites over dodgy ads during Black Friday sales
Three major retailers have been slapped with fines for allegedly making false and misleading claims over their Black Friday sales being "sitewide". Michael Hill Jeweller, MyHouse and Hairhouse Warehouse Online each paid $19,800 following an Australian Competition and Consumer Commission investigation. The competition watchdog alleged the businesses were misrepresenting the nature of their sales, including by falsely describing discounts as applying "sitewide". The commission probed dozens of sales advertisements for last year's Black Friday and post-Christmas sales events amid concerns they misrepresented the size and scope of the discounts on offer. "We allege these claims misled consumers that all goods in the physical or online store were discounted, or that the discounts were greater than was actually the case," ACCC Deputy Chair Catriona Lowe said on Wednesday. "Advertisements that talk about 'sitewide' or 'storewide' sales or promise discounts 'off everything' should deliver what customers expect, and not be used by retailers to hook consumers under false pretences." Michael Hill's online advertisement promoted the sale with the words: "Member Event 25% off Sitewide". This may have misled consumers and contravened Australian consumer law, because some of the products in its online store were not part of the sale and were not discounted, Ms Lowe said. MyHouse and HairHouse Online were also fined for website banners or ads that made misleading claims about the scope of savings on offer. The watchdog said the discounts were not available on all products. Under the rules, businesses are legally obliged to accurately describe their sale offers and should not use small point disclaimers to terms and conditions to disguise the real extent. Michael Hill Jeweller (Australia) Pty Ltd is a wholly owned subsidiary of Michael Hill International Limited, with 170 retail stores in Australia. Homewares business MyHouse is operated by homewares and kitchen goods retailer Global Retail Brands Australia Pty Ltd as an online business and also has 28 stores in Australia. The retailer also operates a range of similar businesses such as House, Robins Kitchen, House Bed & Bath and Baccarat. Hairhouse Online is a related entity of The Hairhouse Warehouse Pty Ltd with 125 stores across Australia, offering haircuts, hair extensions, spray tans, manicures, waxing, make-up and other hair and beauty services.
Perth Now
11-06-2025
- Business
- Perth Now
Watchdog bites over dodgy ads during Black Friday sales
Three major retailers have been slapped with fines for allegedly making false and misleading claims over their Black Friday sales being "sitewide". Michael Hill Jeweller, MyHouse and Hairhouse Warehouse Online each paid $19,800 following an Australian Competition and Consumer Commission investigation. The competition watchdog alleged the businesses were misrepresenting the nature of their sales, including by falsely describing discounts as applying "sitewide". The commission probed dozens of sales advertisements for last year's Black Friday and post-Christmas sales events amid concerns they misrepresented the size and scope of the discounts on offer. "We allege these claims misled consumers that all goods in the physical or online store were discounted, or that the discounts were greater than was actually the case," ACCC Deputy Chair Catriona Lowe said on Wednesday. "Advertisements that talk about 'sitewide' or 'storewide' sales or promise discounts 'off everything' should deliver what customers expect, and not be used by retailers to hook consumers under false pretences." Michael Hill's online advertisement promoted the sale with the words: "Member Event 25% off Sitewide". This may have misled consumers and contravened Australian consumer law, because some of the products in its online store were not part of the sale and were not discounted, Ms Lowe said. MyHouse and HairHouse Online were also fined for website banners or ads that made misleading claims about the scope of savings on offer. The watchdog said the discounts were not available on all products. Under the rules, businesses are legally obliged to accurately describe their sale offers and should not use small point disclaimers to terms and conditions to disguise the real extent. Michael Hill Jeweller (Australia) Pty Ltd is a wholly owned subsidiary of Michael Hill International Limited, with 170 retail stores in Australia. Homewares business MyHouse is operated by homewares and kitchen goods retailer Global Retail Brands Australia Pty Ltd as an online business and also has 28 stores in Australia. The retailer also operates a range of similar businesses such as House, Robins Kitchen, House Bed & Bath and Baccarat. Hairhouse Online is a related entity of The Hairhouse Warehouse Pty Ltd with 125 stores across Australia, offering haircuts, hair extensions, spray tans, manicures, waxing, make-up and other hair and beauty services.
The Herald Scotland
04-06-2025
- Business
- The Herald Scotland
New winter music festival announced for Scottish city
Headline concerts from Skerryvore, Mànran and Elephant Sessions plus some special guest performers like Kinnaris Quintet will help music lovers shake off the post-Christmas haze as the year comes to an end. An all ages daytime concert featuring local artists will also be part of the festival, as well as The Big Ceilidh on the evening of December 31, that has been held at the historic Albert Halls over the last number of years. Stirling Council Leader Cllr Gerry McGarvey said: 'Winterlight will pull people out of that post-festive lull and get their dancing shoes on for some of the best live folk music the country has to offer, right here in the heart of Stirling at our amazing Albert Halls. READ MORE: 'This is the first festival of its kind taking place in Stirling at this time of year – it's fresh and exciting and means the party will continue in Stirling all the way from Christmas into the New Year. This is another fantastic addition to Scotland's festival calendar and I know it will grab the imagination of music fans from across the country and beyond as we continue to showcase our thriving live music and events scene.' Gary Innes of Mànran said: 'We're thrilled to be part of the very first Winterlight Festival! Stirling holds a special place in our hearts, and the Albert Halls has always given us incredible nights to remember. We can't wait to return and hopefully help brighten up the winter season for many!' Lynsey Eckford, VisitScotland's Regional Director, said: 'It's fantastic to see Winterlight at Albert Halls Stirling join our world-class event line up. "Live music is a great way to warm up those winter nights between Christmas and New Year and to bring visitors outside of the summer season, which is really important for tourism businesses in the area. 'Scots trad music is deeply rooted in the cultural heritage of Scotland. Live events and festivals celebrate our history and tradition, offering an authentic and immersive experience that connects visitors with our people and places." 'Tourism and events are among Scotland's most important industries and the second largest growth sector in Scotland's economy. Their success creates a ripple effect which powers a vibrant visitor economy.'
Yahoo
11-03-2025
- Business
- Yahoo
UK retail sales slow after January bounce, BRC data shows
By David Milliken LONDON (Reuters) - British consumer spending lost momentum last month after a bounce at the start of the year, despite households' rising confidence in their personal finances and the broader economy, surveys of retailers and consumers showed on Tuesday. The British Retail Consortium said sales at its member stores - mostly large retail chains - rose by 1.1% year-on-year in February, slowing from January's robust 2.6% growth which had been helped by post-Christmas discounts. BRC chief executive Helen Dickinson said the weaker growth reflected low demand for spring fashions as February's weather remained wintry and repeated complaints about higher employer social security and packaging taxes that take effect next month. "The industry is already doing all it can to absorb existing costs, but they will be left with little choice but to increase prices or reduce investment in jobs and shops, or both," she said. Upcoming government plans to make it harder to dismiss new employees risked discouraging typical retailers from taking on entry-level staff and should focus instead on existing bad practice by unscrupulous employers, she added. Separate data from Barclays showed that consumer spending - which covers a wider range of goods and services than retail sales - rose by 1.0% in February, slowing from January's 1.9%. However, Barclays' survey measure of households' confidence in their own finances rose to its highest since records began in 2015 at 75% - though this partly reflected efforts to save. Confidence in the wider economy also rose but remained much lower at 25%. Barclays spending data was based on debit and credit card spending between January 25 and February 21, while the consumer sentiment data was based on a survey of 2,000 people conducted from February 21-26. The BRC data covered sales made between February 2 and March 1.
