Lipsticks, concerts and TV subscriptions: what Brits will spend more on in 2024
Increased spending on shows, concerts and cinema is expected to continue to rise through 2025, as many consumers prioritize experiences over essentials like groceries.
The amount of money Brits spend on entertainment and memorable experiences has risen by almost 6 per cent in the past year, data shows.
Amid political and economic turmoil, spending on live shows and concerts such as Taylor Swift’s extravaganza rose 6.7 percent, according to figures from Barclays.
On average, Britons spent around £343 on things like shows, concerts and the cinema during the year.
Spending on TV subscriptions and online content has increased by more than 13 percent in the past year, with hits such as Baby reindeer And Bridgerton attract more people to their couch.
The amount of money spent on TV subscriptions in 2024 was almost double the 7.3 percent increase in 2023.
Worth it: Brits will spend more on TV subscriptions, concerts and cosmetics in 2024
Nearly 60 percent of Britons said they were concerned about higher subscription costs for digital TV.
However, only 27 percent of people looking to reduce their discretionary spending said they would reduce their spending on TV subscriptions, according to Barclays.
In addition to entertainment and television, a large proportion of Britons continue to prioritize spending on holidays and travel.
Consumer spending in the travel sector has increased by 6.9 percent this year, with almost 30 percent of Brits having already booked a getaway for 2025.
On average, Brits spent £1,117 each on travel in 2024. Airlines and travel agencies saw a sharp increase in bookings, according to Barclays.
Of the more than 2,000 people surveyed, the majority listed vacations as their top priority for their discretionary spending.
One in five Brits said they were taking a ‘treat yourself’ approach when it came to travelling. Almost 40 percent indicate that they spend more during their holiday than they intended.
Although the amount spent on vacations increased this year, the increase was much lower than the 15.2 percent increase in 2023, just after the pandemic.
While spending big bucks on holidays and concerts was a priority for many, Barclays noted that more and more people were also adopting the ‘treat yourself’ mantra on a smaller scale in 2024.
Nearly half of Britons say they prioritize small, affordable luxury products, such as cosmetics and pastries.
Barclays said: ‘Demand for small luxury items has driven pharmacy, health and beauty retail sales up 7.1 per cent, further demonstrating the impact of the ‘lipstick effect’, with consumers prioritizing cosmetic purchases. Beauty lovers spent an average of £291 each in 2024.”
Pastries were another popular pick-me-up, with more than 40 percent of respondents spending more on treats like cookies and pistachio desserts.
People also spent more in cafes, bars and clubs in 2024 than the year before.
Average expenditure on pub visits increased by 3.6 percent year on year. On average, Brits spent £344 on trips to the pub throughout the year.
Barclays said: ‘Growth in pubs outperformed growth in restaurants in 2024, which rose just 1.7 per cent in comparison, suggesting Britons have opted for more informal, relaxed socializing over the past year.’
In total, expenditure on non-essential items will have increased by 1.9 percent in 2024 compared to the previous year.
Spending on home improvements and DIY fell by more than 7 percent year-on-year as experiences hampered spending on property refurbishment.
Karen Johnson, head of retail at Barclays, said: ‘2024 clearly demonstrated Britons’ strong appetite for experiences, selectively spending elsewhere to find room in their budgets for the moments and treats that matter most to them.
‘From The Eras Tour to the long-awaited Oasis reunion; blockbusters in the cinema to quality content on the couch; From cakes to lipstick and planning trips abroad, Britons collectively said ‘yes’ to joy in spending, even against the backdrop of rising bills and living costs.”
She added: ‘This conscious consumerism will continue to shape spending in the new year, with entertainment likely to maintain its momentum as Brits continue to embrace their “new essentials”.
Slowing down spending on essentials
Spending on essential items such as food grew by just 0.9 percent in 2024, compared to 3.9 percent a year ago. The amount of money spent on fuel fell, while it declined in supermarkets.
Growth in supermarket spending slowed to 1.3 percent this year, compared to 6.5 percent in 2023. Many consumers remain price-conscious and make use of loyalty programs and discounts.
Barclays found that more than a third of consumers said food prices had risen more slowly in recent months.
Spending in high street discount stores fell by more than 6 percent year-on-year, the findings said.
The total amount spent on cards rose 1.6 percent year-on-year across all sectors, significantly lower than 2023 growth of 4.1 percent, Barclays said.
Recent official figures show inflation rose 2.6 percent in the year to November, compared with 2.3 percent in the 12 months to October. Higher prices for clothing and fuel played a significant role in driving up inflation in recent weeks.
November’s figure was the highest since March 2024 and meant inflation has been above the Bank of England’s 2 percent target for two months in a row.
On December 23, revised data from the Office for National Statistics showed that the economy saw no growth between July and September.
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