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UK consumers more positive about holiday spending

29 October 2012 by
UK consumers more positive about holiday spending

Almost all UK consumers are more positive about their expectations on holiday spending this year as compared to last year, but are more likely to spend less on dining out, according to new research by PricewaterhouseCoopers (PwC).

PwC said that its consumer behaviour and travel survey showed that consumers continued to see holidays as an important spending priority, although paradoxically it also remained an area to reduce expentiture.

The research also showed that seniors across all social groups prioritised holiday spending.

The 55+ age group were most positive about spending on holidays next year, with it being their main spending priority; the 18-34 age group cite saving for a new home and credit card or loan repayments, and the 35-54 age group cited mortgage repayments, credit card or loan repayments and home improvements as their spending priority.

David Trunkfield, partner at PwC, said: "The elderly and retired are the most positive about spending on holidays next year. Consumers have also eased back a little from some of the more radical ‘coping strategies' they have adopted to reduce holiday spending over the past three years."

Over the next 12 months, those surveyed are more likely to spend less on dining out, takeaways and clothing, shoes and accessories rather than cut down on their main holiday or short breaks.

David Trunkfield, partner at PwC, said: "With declines in inflation over the past few months, the picture for discretionary consumer spending is looking a little more positive, and it looks like consumers are done with cutting back on holiday spend and are looking to cut back on other areas, like clothing, if they have to.

"The poor British summer is also likely to encourage increased foreign holidays, which remain some way below their pre-recession peak. The average numbers of holidays taken remains around 20% below what respondents see as normal whilst a third report not taking a holiday at all."

By Neil Gerrard

E-mail your comments to Neil Gerrard here.

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