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Brits set to spend £7.7bn this summer

Brits set to spend £7.7bn this summer

Category: Money
Author: Lieke Braadbaart
Date: 10/05/2018

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Between Wimbledon, another World Cup and the Royal Wedding, Brits are set to spend £7.7 billion collectively in the coming months. To help pay for this all, many are currently cutting back on their daily spending habits.

This is according to VoucherCodes' Annual Cost of Living Barometer, which found that sports are the most popular reason to splash the cash, with an expected total spend of £1.83 billion. In comparison, the Royal Wedding is set to cost a rather modest £225 million among Brits, with festivals (£1.67 billion), theatre visits (£994 million), museum trips (£640 million) and even cinema spending (£623 million) outpacing this royal spend by quite a bit.

In order to pay for all of this fun, 56% of Brits are restricting themselves beforehand by buying only the basics, while 52% are avoiding eating out and 23% are changing their spending habits altogether. Meanwhile, 20% of Brits are on the look-out for offers and 39% are cutting back on all manner of social events.

All of this savvy money saving has a good reason, as Brits are planning to spend an average of £750 on holidays and breaks this year, up from £728 last year. At the same time, people are also spending 25% more on tech, such as TVs and laptops, at an average of £244. In contrast, people are spending much less on cigarettes (-25%), drinking out and clubbing (-17%), and streaming services (-15%).

To make the most of all of these savings, savvy shoppers will want to put their extra cash safely away into a savings account until they need it. An easy access account could be ideal for this, as most allow unlimited additions and withdrawals, so you can have access at any time. And if you find one that pays interest on a monthly basis, you'd even be able to see your pot grow a little every month – though note that the top monthly interest accounts tend to require some notice.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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