Consumer spending on travel grew by 6.9% in 2024 compared with 2023, according to Barclays data, as Brits looked to “escape the dreary UK weather”.
The bank’s analysis of debit and credit card spending, which also shows year-on-year transaction growth of 6.8% for travel, suggests spend growth with travel agents of 7.9% alongside transaction growth of 14%.
Spending with airlines grew by 7.5% year on year, while transactions rose by 8.5%.
More: Travel spend ‘defies post-Budget downturn’
Barclays said that although travel spending was “strong” in 2024, it lagged behind 2023 when growth reached 15.2%.
Travellers spent on average £1,117 each in 2024, with the bank describing the uplifts with travel agents and airlines as “significant”.
It said the strong demand for travel was further highlighted by holidays ranking first in a list of discretionary spending priorities. The sector was chosen by 22% of respondents.
Three in 10 consumers (28%) have already booked a getaway for 2025, the bank said, with almost a quarter (23%) of these people booking early to save money. One in three (31%) are choosing to visit a destination they have not been to before.
One in five respondents said they adopt a ‘treat yourself’ mindset when travelling, while 37% said that when they go on holiday, they tend to spend more than they had planned to.
Pointing to the travel spending statistics, Barclays said: “Brits took to the skies to escape the dreary UK weather this year.”
Last summer was the coolest since 2015, according to the Met Office, while the storm season had 12 named storms – the highest figure since the naming convention began in 2015-16.
Karen Johnson, head of retail at Barclays, said: “[The year] demonstrated Brits’ strong appetite for experiences very clearly, spending selectively elsewhere in order to find room in their budgets for the moments and treats that most matter to them.
“From The Eras Tour to the much-anticipated Oasis reunion, blockbusters at the cinema to quality content on the couch, pastries to lipsticks and planning trips abroad, Brits collectively said ‘yes’ to joy in their spending, even against a backdrop of rising bills and living costs.
“This conscious consumerism will continue to shape spending in the new year, with entertainment likely to maintain its momentum, as Brits continue to embrace their ‘new essentials’.”
Overall, the Barclays data showed consumer card spending increased by 1.6% in 2024, which was “noticeably lower” than the 4.1% growth recorded in 2023.
Essential spending grew 0.9% in the year, down from 3.9% the previous 12 months, as spending on fuel fell and supermarket growth slowed.
Non-essential spending increased by 1.9%, with Barclays suggesting “consumers’ strong appetite for ‘little luxuries’ boosted health and beauty, entertainment and digital content”.
However, non-essential spending growth lagged behind 2023 levels with growth of 4.2% recorded.
This year’s data analysis compared the period December 25, 2023 – November 15, 2024 with the period December 25, 2022 – November 17, 2023.
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