Virgin Money customers collectively spent significantly more on eating out and holidays over the summer of 2023 than during the same period a year earlier, analysis by the bank suggests.
Some £295.8 million was collectively spent by Virgin Money customers on eating out this summer, an 11% increase compared with summer 2022.
Holiday spending by Virgin Money customers increased by a third (33%) this summer compared with summer 2022, reaching a total of £129.5 million between June and August 2023.
Despite the mixed weather conditions this summer, spending on UK-based staycations increased by 10% compared with the spring quarter of this year (March to May 2023) to reach £5.3 million between June and August 2023.
Overall, Virgin Money customers spent a total of £940.6 million across lifestyle categories between June and August 2023, 11% more than in summer 2022.
Despite the cost-of-living pressure, it’s reassuring to see that making memories continues to be important for people, and saving for a rainy day remains a high priority for many— Ruth Brougham, Virgin Money
Lifestyle categories include holidays, UK stays, eating out, wellbeing, keeping fit, memberships and subscriptions, and entertainment. The number of transactions also increased by 6% year on year, according to Virgin Money.
A OnePoll survey of 2,000 people across the UK in September, commissioned by Virgin Money, indicated that over half (53%) of people are prioritising saving over spending, while 17% are prioritising spending over saving.
Ruth Brougham, head of digital banking at Virgin Money, said: “We’ve seen our customers choosing to prioritise their lifestyle spending to allow them to be more adventurous and enjoy exciting experiences over the past few months.
“Despite the cost-of-living pressure, it’s reassuring to see that making memories continues to be important for people, and saving for a rainy day remains a high priority for many.”
The customer spending data was sourced from Virgin Money current account customers who have actively spent in one or more lifestyle categories between June and August 2023.
