Spending on holidays and flights outpaces other sectors

Summer in Mallorca. | P. FIGUEROLA

Majorca Daily Bulletin reporterPalma27/03/2023 11:08

According to the latest Nationwide Building Society’s Spending Report, Britons spending on holidays rose 19% year on year, while airline travel spend was 34% higher than in February 2022. Overall, non-essential spending was up 9% on last year.

Money spent on eating and drinking out was up 11% on last year, while spending on subscriptions, such as Netflix, Amazon Prime and magazines, was down 3% cent year-on-year

The report said that rising prices and transactions continued to fuel household spending growth in February, while consumer research revealed people are paying for essential costs with credit cards.

The monthly Spending Report analysed about 208 million debit card, credit card and Direct Debit transactions, with about £7.72 billion spent in February.

Overall consumer spending and transactions both grew 10% year-on-year.