The figures are based on the card spending data of over 800,000 UK bank customers during January and have been released by card-linked marketing experts Cardlytics, which found that most of this additional money was spent on eating out in cafes and quick service restaurants, as well as online shopping which saw a 16% increase in spend compared to January last year.
According to Cardlytics data, the fall in prices at the pump meant spending on petrol was down by 13% in January, representing an average fall in spend per UK adult of £19.81 compared to a year ago.
In contrast, spending on other products for the same period increased by 4% or £32.62 per person, a net benefit to the UK economy of nearly £13 a head.
London and Birmingham saw the biggest increase during January, with Londoners spending £44 more than they did last year and Brummies increasing their outgoings by an average of £36.
Meanwhile spending in Glasgow remained flat during January, as shoppers took a more conservative approach, only spending the equivalent of what they had saved at the pumps.
Jill Dougan, managing director of Cardlytics, said: “Consumers clearly felt buoyed by the fuel savings in January as it prompted them to spend the money they saved and then some more on top. Restaurants and online retailers felt the benefit of this optimism, with spending at quick service restaurants and cafes increasing by more than a quarter (25.8%) on January last year.
“This is great news for retailers more widely as price cuts and increased confidence in the economy is boosting consumer spending, whether it’s a morning coffee or a special purchase for the home.”