Brits are demonstrating that they are prepared to forego an overseas holiday for the benefit of a well-deserved staycation as they continue to cautiously monitor their spending, according to the latest Greene King Leisure Spend Tracker.
The Leisure Spend Tracker has shown that, while consumers are increasingly treating themselves to a holiday, they are still cautious when it comes to spending, choosing a holiday in the UK over a trip abroad. 66% of GB adults are planning to take a break between now and the end of the year and the “staycation” is the most popular choice with 82% of these respondents planning on taking a holiday on home soil in the coming year.
However, among those looking for sunnier skies, Spain is the destination of choice, with close to a quarter saying they will holiday there once or more before the end of the year.
Spending on ‘big ticket’ items
Aside from holidays, there is an appetite for spending on other “big ticket items” as almost 60% of GB adults said they would be spending money on home improvements, new home appliances or home entertainment.
Fiona Gunn, Greene King’s marketing director said: “We are seeing an increasing ‘save and splurge’ trend where consumers are still wary when it comes to spending. Although they are increasingly likely to treat themselves to a holiday, they are focussing on holidaying here rather than rushing to spend time overseas. While wage growth continues to climb, consumers are remaining cautious with their disposable income, choosing to save it for holidays in the UK rather than going abroad.”
Key Highlights
- In May, the average British household spent £214 on leisure, up 4% versus the same time last year and unchanged on April
- Year on year, Eating Out and Drinking Out increased by 4% and 6% respectively in May while Other Leisure increased 1%
- 66% of Brits confirmed that they intend to take a holiday before the end of the year, with 82% of respondents saying that they will be taking a “staycation” in the UK
- The age group most keen to spend on holidays are the over 55 year olds and, regionally, those based in London and the South East most anticipated taking holiday
In Other Leisure, spending on gym membership rose by 5% this month versus the previous month and up 20% year on year. Arguably, spending on gym membership has risen as Brits prepare themselves for the summer season and exercise inside during the disappointing weather in May.
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