Brits are spending more time with loved ones and sharing in-person experiences this summer, research shows

Virgin Money’s current account lifestyle spending data revealed that summer lifestyle spending (June and August 2024) rose to £756.9m - a £12.9m increase compared to last year.

The data looked at specific lifestyle categories including holidays, UK stays, eating out, style, well-being, memberships and subscriptions, and entertainment. 

The results revealed that summer spending on eating out increased by £10.7m compared to 2023, for a total of £305m overall. 

July was the most popular for eating out amongst Brits, with the nation forking out £109m alone. 

And those aged between 56 and 65 spent the most on eating out - a total of £66m - followed by 46-55-year-olds, who spent £60m.

Brits spend tonnes to eat out and holiday

UK stays have also seen an increase this summer compared to spring, going up by 16.1%, suggesting Brits were making last-minute UK holiday bookings.

Research further revealed that Premier Inn, Booking.com and Sykes Cottages were some of the most popular choices amongst Brits.

But there is a desire to travel further afield, with transaction holidays totalling £137.7m this summer, which is an increase of 6% (£8m) year on year. 

However, holiday spending is down by 4% for the quarter, reinforcing the idea that people plan overseas holidays in advance. 

Graeme Sands, head of personal booking at Virgin Money, said: “Our customers are continuing to prioritise their lifestyle spending to allow them to make the most of in-person experiences, creating memories with friends and family. 

“Lifestyle spending is up this summer overall compared to spring, as well as compared to summer last year, with eating out and staying away being the most popular categories.”

Other categories including entertainment have also increased, with spending going up by 6% (£3.6m). 

Ticketmaster has seen high volumes of spend, with customers spending more than £1.7m - possibly driven by some well high-profile artists, including Oasis, Sabrina Carpenter, Dua Lipa and Kasabian, announcing tours with tickets going on sale in July and August. 

Summer is also famously festival season in the UK following Wireless Festival, Reading and Leeds Festival where Brits are taking advantage of any last-minute tickets. 

Spending the most during Summer

However, money spent on style has dropped by 4% since last year, with those who are aged 18-25 having cut their spending the most, by 10% since last summer. 

And those aged between 26-35 have also cut back on style (by £1.2m).

This signals a move to spending less on fashion, instead building a quality capsule wardrobe, which is championed by many influencers on social media platforms, including Molly Mae. 

“At Virgin Money, we remain committed to providing our customers with the tools and products to enable them to manage their money in a way that works for them,” Graeme added. 

“Helping them to make the most of their money while enjoying themselves at the same time.”

To find out more about Virgin Money’s products and services, visit www.virginmoney.com