Barclays says customers will spend extra £3,322 before September

Barclays says customers will notice £3,300 has disappeared from bank account by end of August. Barclays has announced UK consumers expect to spend an average of £3,322 on events, experiences and holidays between June and September.

Barclays Consumer Spend data shows entertainment and travel sectors have outpaced broader non-essential spending over the past year. Six in 10 say they would rather spend money on making memories than buying material possessions.

Experience-led businesses contribute £134bn to the broader UK economy, according to new modelling from the Centre for Economics and Business Research. Rich Robinson, Head of Hospitality and Leisure at Barclays, said: “Brits are increasingly swapping shopping bags for shared moments, and we expect spending on experiences to reach a new peak this summer. Whether it’s a once-in-a-lifetime holiday or a birthday celebration with friends, we want our experiences to be bigger and better than ever before, and our standards have never been higher.”

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“From top-notch sports events to fast-growing companies changing what it means to have a great night out, British businesses are evolving to ensure they’re not just one-hit wonders – they keep crowds coming back for more.” Dr Peter Brooks, Chief Behavioural Scientist at Barclays, said: “The excitement of buying new furniture, a TV or smartphone tends to disappear relatively quickly as those items get normalised into our everyday lives. 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.

“We’re witnessing a long-term behavioural shift that will see experiences like travel and live entertainment take up a greater share of our discretionary spending, certainly this summer but also into the foreseeable future.” Steve Moore, founder and CEO of Flight Club and Electric Shuffle, said: “Now more than ever, people are looking for a memorable experience when getting together with friends. A typical pub or bar night out no longer cuts the mustard.”

“Flight Club and Electric Shuffle were built by friends, for friends, and our mission has always been to make groups of friends everywhere ridiculously happy. It’s this mentality that feeds into everything we do. From stories of the night’s best moments delivered directly to customers' phones and service at the push of a button to striking interior design and a constantly refreshed menu. Delivering a truly memorable experience is all in the detail.”