Spending on corporate credit cards is predicted to soar over the last two weeks before Christmas as companies reward staff and clients, according to new data.
Worldpay, Britain’s leading payment processing company, estimates that corporate cards will be used for spending £18.5million over the period – 84% more than an average fortnight in the autumn.
With companies splashing out on drinks, food and taxis, more than £10million was put on company cards in the same period last year – 82% higher than an average fortnight in 2013.
The main beneficiaries were restaurants, where £9,669,828 was spent on corporate cards, followed by pubs and bars which attracted £4,846,544.
The biggest increases were in Leeds and Northern Ireland where spending on corporate cards at Christmas was up 163% and 168% respectively.
Dave Hobday, managing director of Worldpay UK, said: “Whether it’s watching your boss dance to Abba, or having that heart to heart with a colleague you’ll forget all about in the morning, work parties and entertaining are as much of a tradition at Christmas as mulled wine and mince pies.
“This boost in spending we see in the run-up to Christmas is also great for the economy with the nation’s bars, restaurants, caterers and taxi firms all benefiting generously during the season of goodwill.”