January spend on holidays and airlines hits £428m

Consumer spend on holidays and airline tickets in January rose 50% over the previous month to reach more than £428 million, according to latest data.

The total during the peak January booking period was up six per cent year-on-year as the cold weather spurred people to book breaks, the latest spending report by Nationwide showed.

The number of transactions in the sector in January was calculated at almost 2.2 million, up seven per cent on December and by six per cent over the same month last year.    

The increased outlay on holidays and other non-essential items came despite rising costs elsewhere, such as rent and mortgage repayments.

Overall non-essential spending was up by two percent over last January to £2.9 billion.

The number of transactions at 97.6 million was up one per cent against January 2023, the building society found.

Nationwide payments strategy director Mark Nalder said: “Our data highlights how many households are being resourceful with their finances by spending smart. 

“But despite essential costs remaining high, there are potential green shoots of optimism, with non-essential costs up year on year – demonstrating that many are able to balance what they need with what they want.”

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