Planned net spending on holidays is set to drop by 35 percentage points over the next three months, latest data reveals.
This follows first quarter net spending falls on both long-haul – down 8 percentage points – and short-haul breaks – down 10 percentage points – in the first three months of the year.
At the same time, more than a third of people have lost money due to cancelled holidays and events.
Deloitte’s quarterly survey of more than 3,000 adults revealed that spending fell year-on-year across every leisure category, with the exception of in-home leisure.
UK leisure spending fell seven percentage points in the first three months of the year compared to 2019 as social distancing measures encouraged consumers indoors and seek entertainment at home.
This was the steepest quarterly and year-on-year fall since the Deloitte leisure consumer survey began four years ago.
The poll found that 35% had lost our financially due to the cancelled holidays and events.
Deloitte hospitality and leisure partner Simon Oaten said: “Consumers remain cautious about discretionary spending, with many holidaymakers’ pockets already directly hit as a result of travel restrictions.
“Whilst summer 2020 may not see the level of travel we’d usually expect, historic trends indicate that consumers value the opportunity to travel.
“Experiences are likely to remain important to the leisure consumer in the long term, even if suitcases are kept in storage for the time being.”
He added: “Leisure is one of the sectors most significantly impacted by the Covid-19 pandemic, posing an unprecedented financial challenge.
“Historically low consumer confidence means we are unlikely to see the usual uplift in leisure spending that the warmer spring months bring, and current restrictions have highlighted the value leisure consumption brings to our economy and society.
“The leisure consumer remains a bellwether for the UK economy.”