Britons set to spend £178 billion on memorable experiences this summer
BRITONS are predicted to spend an average of £3,322 per adult this summer on experiences such as holidays and live entertainment, a survey suggests.
Consumers are shifting spending away from retail and routine activities amid rising demand for experiences such as holidays, sporting events, concerts, days out, and “competitive socialising” such as bowling, darts and mini golf, the study by Barclays found.
While the travel industry will absorb a significant share of the £178 billion that Britons will spend on experiences between June and September, UK businesses that provide consumers with activities such as staycations and entertainment will contribute an estimated £134bn to the local economy, according to modelling by the Centre for Economics and Business Research (CEBR).
A survey for the study suggests almost half (46%) of the £3,322 average total will go towards holidays abroad (£906) and staycations (£615).
Other notable activities include live entertainment (£435), attending sports events (£295), and trips to the seaside (£143).
Those aged 18 to 34 expect to spend £5,531 on average, while over55s will spend an average of £2,123.
Some 57% said they would rather spend money on a good experience than on buying material possessions, up five percentage points on 2018.
Almost two-thirds (63%) would rather tell others about something they have experienced rather than something they have bought.
Similarly, 44% are actively seeking out new and unique experiences to make the most of the summer, rising to 61% of 18 to 34-year-olds.
According to Barclays data, annual spending on entertainment and travel has increased by 6.5% and 11.6% respectively on last year, outpacing the 3.4% growth in non-essential spending.
In particular, spending on shows and concerts is up 4.8% year on year, with a previous Barclays report finding that Taylor Swift fans attending the Eras Tour are predicted to spend a total of £848 on average per ticketholder to see her perform.