The UK public is set to splurge £7.7 billion on holidays, sporting and cultural events this summer.
According to the Annual Cost of Living Life Barometer, published by VoucherCodes, 23 per cent of the 2,000 respondents said that they are changing their spending habits to make way for summer celebrations, with 52 per cent of UK consumers saying they are avoiding eating out at restaurants and cafes in order to save money for for this reason.
The nation is set to spend a collective £1.83 billion attending sporting events, £1.67 billion on music events, and £994 million on theatre and dance. The economy is also set to see a boost from the Royal Wedding with £225 million due to be spent nationally on the occasion.
Across the board, the figures show that people are spending less on dinner and drinks out, both down 16 per cent and 17 per cent respectively, as Britons cut back in favour of spending on bigger purchases such as holidays. Shoppers are also spending less on high-street clothing, down 10 per cent on 2017.
Jimmy New, Director of Marketing at VoucherCodes, comments:
“Britons started 2018 feeling positive about their finances and it’s great to see this sentiment expected to continue for the summer months. UK consumers are being strategic with their spending now, cutting back on day-to-day purchases while looking at the bigger picture, and saving for upcoming holidays, cultural events and fun with their friends and family in the summer months instead.
“Spurred on by large scale cultural and sporting events like the World Cup, UK businesses can expect to see a welcome boost from June onwards, and businesses of all shapes and sizes can tap into these occasions by offering deals and discounts to increase footfall and get their share of the spend.”
At Beavis Morgan, our specialist advisers to SMEs across a range of sectors understand that, in this competitive environment, business owners must work hard to win customer loyalty, adapt to the ever-changing customer demands, increase productivity and strengthen their market position. We work with SMEs, helping them with strategic planning, business turnaround, cashflow management and improving business performance for the future.
For further information about how we can help you and your business, contact Steve Govey or your usual Beavis Morgan Partner.