Summer season vacation spending by Virgin Cash clients ‘jumped by a 3rd this 12 months’

Virgin Cash clients collectively spent considerably extra on consuming out and holidays over the summer season of 2023 than throughout the identical interval a 12 months earlier, evaluation by the financial institution suggests.

Some £295.8 million was collectively spent by Virgin Cash clients on consuming out this summer season, an 11% enhance in contrast with summer season 2022.

Vacation spending by Virgin Cash clients elevated by a 3rd (33%) this summer season in contrast with summer season 2022, reaching a complete of £129.5 million between June and August 2023.

Regardless of the blended climate circumstances this summer season, spending on UK-based staycations elevated by 10% in contrast with the spring quarter of this 12 months (March to Might 2023) to achieve £5.3 million between June and August 2023.

General, Virgin Cash clients spent a complete of £940.6 million throughout life-style classes between June and August 2023, 11% greater than in summer season 2022.

Way of life classes embrace holidays, UK stays, consuming out, wellbeing, conserving match, memberships and subscriptions, and leisure. The variety of transactions additionally elevated by 6% 12 months on 12 months, in keeping with Virgin Cash.

A OnePoll survey of two,000 individuals throughout the UK in September, commissioned by Virgin Cash, indicated that over half (53%) of persons are prioritising saving over spending, whereas 17% are prioritising spending over saving.

Ruth Brougham, head of digital banking at Virgin Cash, stated: “We’ve seen our clients selecting to prioritise their life-style spending to permit them to be extra adventurous and revel in thrilling experiences over the previous few months.

“Regardless of the cost-of-living strain, it’s reassuring to see that making recollections continues to be vital for individuals, and saving for a wet day stays a excessive precedence for a lot of.”

The shopper spending knowledge was sourced from Virgin Cash present account clients who’ve actively spent in a number of life-style classes between June and August 2023.