NEW analysis of card transactions in Cornwall has revealed which areas spent the most and the least in 2022 as well as revealing the rate of consumer spending growth.
Data from millions of card payment transactions was analysed as part of the takepayments UK Spending Index, which broke down consumer spending by region and industry.
Results in Cornwall show consumer spending in Cornwall only grew by 13% from 2021 to 2022. This falls far below the UK’s average growth of 21%. It's also only half the rate of growth of Dorset, which grew 25% between 2021 and 2022.
These results follow a recent stream of reports highlighting the fragility of Cornwall's economy, which has struggled to recover following the disruption to tourism during the Covid pandemic.
A report from the BBC, states Cornwall’s night time economy will be damaged when free parking ends in 135 car parks across the county.
Another study has also found that two in five Cornwall residents are economically inactive and ONS data shows 53.9% of households in Cornwall are "deprived" in at least one of the three "dimensions" of deprivation.
Jodie Wilkinson, Head of Strategic Partnerships for takepayments said in response to the data: "Looking at the data, 2022 seemed a challenging season for businesses of all sizes in Cornwall. Even in the industries where we saw significant increases in spending, the news is dampened by how this has been affected by weak year-on-year comparisons and the highest UK inflation rate in decades.
"However, predictions that inflation rates could drop off in 2023 would spell good news for those businesses that have felt the pinch in their input costs. This year could spell some much more positive outcomes for Cornwall’s small business population."
The top spending areas in Cornwall in 2022 were:
1
Newquay
2
Truro
3
Redruth
4
Saltash, Hatt, Landrake, St Germans, Tideford, Trerulefoot
5
Liskeard, Dobwalls, Doublebois, Minions, St Cleer, St Ive, St Neot
6
Launceston, Bolventor, Lezant, South Petherwin, Treneglos
7
Falmouth, Flushing, Mylor Bridge, Constantine, Mawnan Smith
8
Helston
9
Bude, Coombe, Crackington Haven, Launcells, Poundstock, Stratton
10
Penzance
The areas of Cornwall that spent the least in 2022 were:
44
Port Isaac, Port Gaverne, Port Quin, St Endellion, Trelights
43
Boscastle, Lesnewth, Trevalga
42
Lostwithiel, Boconnoc, Lanlivery, Lerryn, St Veep
41
Calstock, Gunnislake, Albaston
40
Fowey, Bodinnick, Golant, Polruan
39
Cawsand, Cremyll, Fort Picklecombe, Freathy, Kingsand, Millbrook
38
Marazion
37
Saint Columb
36
Truro
35
Camelford, Davidstow, Lanteglos-by-Camelford, Otterham, Tresinney
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