Consumer financial confidence is at a nine-year high with the average Brit allocating an estimated 15% of their monthly budget to living life to the full, according to new research by VoucherCodes.co.uk. The research reveals Brits with disposable income spend an average of £200 each per month on leisure activities, including eating and drinking out and holidays, totalling £8.3bn per month collectively.
Spend led by holidays, eating and drinking out
In terms of leisure, consumers are spending the most on holidays and breaks (£85), eating out (£39) and drinking out and clubbing (£32) each month. Despite the high spending on drinking out, more than a quarter of Brits with disposable income (27%) say they spent more on drinking out/clubbing five years ago. Good news for holiday leisure operators, however, is that a quarter (26%) of respondents with disposable income stated they spend more on holidays in an average month in 2015 than they did in an average month in 2010.
Irrespective of age or gender, all Brits with disposable income appear to prioritise experiences over material goods with the largest specified portion of disposable income spent on socialising. Positive news for the leisure industry, spend on socialising is now estimated to take up almost a quarter (21%) of the average disposable income.
Disparity between men and women
The VoucherCodes.co.uk research also revealed that there is a large disparity between what men and women spend on leisure, with men spending £231 while women spend just £171 per month. Men spend almost double (£41) that of women (£23) on drinking out and clubbing, and significantly more on holidays (£93 vs. £78) and eating out (£46 vs. £33). Women’s spending on entertainment activities such as going to the cinema and bowling (£14), and cultural activities such as buying gig and festival tickets (£11), is much closer to the amount spent by men (£15 and £12 respectively).
Confidence is booming
Claire Davenport, Managing Director at VoucherCodes.co.uk comments: “Consumer confidence is booming and it’s great to see this translating into people using their money to enjoy life. This is a fantastic opportunity for the leisure industry, with austerity now seemingly well and truly a thing of the past.”
“The disparity between what men and women are spending on leisure is interesting to note. Specifically for the on-trade, men are spending almost double that of women when drinking out. An opportunity for the industry could be to make leisure experiences more appealing and higher in the ‘order of needs’ for women.”
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