Brits spending less on holidays due to cost of living crisis

Data showed consumers were starting to cut back on overseas travel and eating and drinking out.  Despite spending with travel agents and airlines continuing to grow in July (by 204 per cent and 113 per cent respectively), both categories were down by four per cent and three per cent month-on-month.

Barclaycard said the drop was likely fuelled by ongoing disruption across the aviation sector as well as 20 per cent of Brits choosing not to holiday overseas this summer and 16 per cent opting for a UK break.

Additionally, Barclaycard reported 66 per cent of Brits in July were ‘feeling confident’ about their household finances, compared to 59 per cent in June and their ability to spend on non-essential items (54 per cent versus 48 per cent).

Meanwhile, data showed 91 per cent of consumers were concerned about rising inflation, surging household bills and higher food prices.