"Surprisingly, more of consumers summer spend is going on social activities than an actual holiday, showing a shift in priority for UK holidaymakers."
Tony Gundersen, UK Country Manager for Ferratum
The research also reveals that an additional 11% of British holidaymakers will be using credit cards to supplement their summer holiday spending. Whilst 60% of these borrowers are making these repayments within six months, one in 12 (8%) will take over six months to pay organisations back.
Other findings include:
- 1 in 3 UK consumers (32%) intend to spend more than they did last summer
- 42% of Brits’ budgets, including the value of a loan, will go on social events, such as weddings, festivals and parties
- Fashion is also a priority, with 36% of summer budgets going on summer clothing
- Only 1 in 3 UK consumers will use household disposable income to fund summer activities, far below the European average of 54%
The research demonstrates that, on average, UK consumers will spend less of their summer finances on travelling than on social activities (34%), either at home or abroad.