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Britons to spend £178 billion on memorable experiences this summer

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UK consumers are expected to spend an average of £3,322 on events, experiences and holidays between June and September, according to Barclays.

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While the travel industry will absorb a significant share of the £178 billion that Britons will spend on experiences between June and September, UK businesses that provide consumers with activities such as staycations and entertainment will contribute an estimated £134 billion to the local economy, according to modelling by the Centre for Economics and Business Research .

Some 57% said they would rather spend money on a good experience than on buying material possessions, up five percentage points on 2018. According to Barclays data, annual spending on entertainment and travel has increased by 6.5% and 11.6% respectively on last year, outpacing the 3.4% growth in non-essential spending.

“However, the memories created from spending on experiences, especially when it’s with family or friends, has been linked to longer-term boosts to happiness as the memories created live on when we reminisce about those shared moments.

 

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