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TAP AND GO, GO, GO – Will the new £100 contactless limit usher in a Xmas retail boom?

RetailWeek reports it will “provide a much-needed boost to the high street after Covid-19 lockdowns.”

With a new £100 contactless limit, larger scale impulse buying has just become much more convenient for consumers. That, at least, is the theory. But a longed-for Xmas retail bonanza still has a few hurdles to clear.

For starters, according to The Guardian, the British Retail Consortium says not all retailers plan to implement the new limit, and even for those that do, “the change could take days, weeks or months before it’s available in stores”. So, not every store will be ready.

Beyond the festive season, however, the move could stimulate the economy in 2022.

Some 60% of debit and credit card transactions in the UK were contactless in the first seven months of this year. These accounted for a total of 6.6 billion payments with a value of £81bn. (Source: BBC).

Just think how much revenue might flow through the tills now that 60% can spend up to £55 more?

And the move does, after all, have the chancellor’s support. Rishi Sunak, RetailWeek reports, anticipates it will “provide a much-needed boost to the high street after Covid-19 lockdowns.”

Sunak would hardly be the first chancellor to promise a boom whilst bringing in a bust. But, this time, he might be onto something.

Extract from Human Capital – Drayton’s business magazine.

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