Brits have spent more each year on holidays since the pandemic, even though confidence in the economy has fallen, according to Barclays.
The bank’s analysis of consumer spending shows a 5.9% increase in travel spend last year, with health and beauty the only sector showing a greater increase of 6.5%.
Barclays ’10 Years of Spend’ report shows that discretionary spend has grown by 9.2% a year since 2021, outpacing the 5% growth in spending on essential items.
Analysis of debit and card transactions abroad shows the top 10 overseas destinations have remained broadly the same, with Spain and France occupying the top two slots since 2019, though in 2024, Germany made it into the top 10 for the first time in six years.
Barclays’ analysis also shows that 49% of Brits now value holidays more than they did 10 years ago, 33% spend a greater share of their income on travel, and 38% of holidaymakers use social media for inspiration and guidance.
Barclays Head of Retail Karen Johnson said: “Ten years’ worth of analysis tells us that while confidence in the UK economy has declined, UK households’ confidence in their ability to manage their money has remained strong, translating into the impressive performance of categories such as travel, entertainment and beauty.”
