March 16, 2017

UK consumers save and sacrifice to afford to travel


UK consumers will cut back on eating and drinking out before sacrificing on leisure travel, according to February 2017 research that examined attitudes about discretionary spending.

Based on a survey of 2,000 consumers ages 18 and older across the UK—nearly two-thirds of whom had annual incomes of less than £30,000 ($40,491)—the “Anatomy of the Consumer” study found leisure travel was respondents’ most popular discretionary spending category, followed by eating out and buying clothing or footwear.

But when it came to cutting back, eating out was the category most likely to be cut, mentioned by 30.2% of respondents, followed by travel (19.2%) and drinking out (15.2%).

Despite currency changes following last year’s Brexit vote that have hurt the value of the pound compared with foreign currencies, the study found the percentage of respondents who would spend their main vacation for the year in Europe - still the most popular choice even with a stronger euro - rose to 34.2%, up from 33.8% who did so last year.

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