Lipsticks, concerts and TV subscriptions: What Britons spent more on in 2024

Larger spending on exhibits, live shows and the cinema are anticipated to proceed rising in 2025, as many shoppers prioritise experiences over necessities like groceries.   

The sum of money Britons spent on leisure and memorable experiences rose practically 6 per cent within the final 12 months, knowledge exhibits. 

Amid political and financial turmoil, spending on stay exhibits and live shows just like the Taylor Swift extravaganza elevated by 6.7 per cent, based on Barclays’ figures. 

On common, Britons spent round £343 every through the 12 months on issues like exhibits, live shows and the cinema.  

Spending on TV subscriptions and on-line content material jumped over 13 per cent within the final 12 months, with hits like Child Reindeer and Bridgerton drawing extra individuals to their sofas. 

The sum of money splashed out on TV subscriptions in 2024 was practically twice the 7.3 per cent improve seen in 2023. 

Practically 60 per cent of Britons mentioned they had been involved about increased digital TV subscription prices. 

Nonetheless, solely 27 per cent of individuals seeking to cut back their discretionary spending mentioned they would scale back their spending on TV subscriptions, Barclays mentioned. 

On prime of leisure and TV, a big proportion of Britons proceed to prioritise spending on holidays and journey. 

Shopper spending throughout the journey sector jumped by 6.9 per cent this 12 months, with practically 30 per cent of Britons having already booked a getaway for 2025. 

On common, Britons every spent £1,117 on journey in 2024. Airways and journey brokers each noticed bookings rise sharply, based on Barclays. 

Out of over 2,000 individuals surveyed, the bulk ranked holidays as their primary discretionary spending precedence.  

One on 5 Britons mentioned they adopted a ‘deal with your self’ strategy to travelling. Practically 40 per cent mentioned they tended to spend greater than they deliberate to when on vacation. 

Whereas the amount of money spent on holidays elevated this 12 months, the rise was a lot decrease than the 15.2 per cent improve seen in 2023, simply after the pandemic. 

Whereas spending large on holidays and live shows took precedence for a lot of, Barclays famous that an rising variety of individuals additionally adopted a smaller-scale ‘deal with your self’ mantra in 2024. 

Practically half of Britons mentioned they prioritised spending on small, reasonably priced ‘mood-bosting’ luxuries like cosmetics and pastries. 

Barclays mentioned: ‘Demand for little luxuries boosted pharmacy, well being and wonder retailers, up 7.1 per cent, additional demonstrating the impression of the “lipstick impact”, the place consumers prioritise beauty purchases. Magnificence spenders splashed out £291 every on common in 2024.’ 

Baked items had been one other common pick-me-up, with over 40 per cent of individuals surveyed spending extra on treats like cookies and pistachio desserts.    

Individuals additionally spent extra in pubs, bars and golf equipment in 2024 than the earlier 12 months. 

Common spending on journeys to the pub elevated by 3.6 per cent year-on-year. On common, Britons spent £344 on journeys to the pub all year long. 

Barclays mentioned: ‘Development at pubs outperformed eating places in 2024, which had been up simply 1.7 per cent as compared, suggesting Britons opted for extra informal, relaxed socialising within the final 12 months’.  

In complete, spending on non-essentials grew by 1.9 per cent in 2024, when in comparison with the earlier 12 months. 

Spending on dwelling enhancements and DIY fell over 7 per cent year-on-year, as experiences trounced spending money on sprucing up property. 

Karen Johnson, head of retail at Barclays, mentioned: ‘2024 demonstrated Brits’ robust urge for food for experiences very clearly, spending selectively elsewhere with a view to discover room of their budgets for the moments and treats that matter essentially the most to them.

‘From The Eras Tour to the much-anticipated Oasis reunion; blockbusters on the cinema to high quality content material on the sofa; pastries to lipsticks and planning journeys overseas, Brits collectively mentioned “sure” to pleasure of their spending, even towards a backdrop of rising payments and dwelling prices.’ 

She added: ‘This acutely aware consumerism will proceed to form spending within the new 12 months, with leisure more likely to preserve its momentum, as Brits proceed to embrace their “new necessities”. 

Spending on necessities slows

Spending on necessities like meals grew by simply 0.9 per cent in 2024, down from 3.9 per cent a 12 months in the past. The sum of money spent on gas fell, whereas slowing throughout supermarkets. 

Development in grocery store spending slowed to 1.3 per cent this 12 months, down from 6.5 per cent in 2023. Many patrons stay cost-conscious and are making use of loyalty schemes and reductions. 

Barclays discovered that over a 3rd of consumers mentioned they’d observed meals value rising at a slower tempo in latest months. 

Spending in low cost shops on the high-street fell over 6 per cent year-on-year, the findings added.  

The entire quantity if cash spent on playing cards throughout all sectors elevated by 1.6 per cent year-on-year, markedly decrease than the 4.1 per cent progress seen in 2023, Barclays mentioned. 

Latest official figures confirmed inflation elevated by 2.6 per cent within the 12 months to November, up from 2.3 per cent within the 12 months to October. Larger costs for garments and gas performed a sizeable half in pushing inflation up in latest weeks. 

The November determine marked the very best charge since March 2024 and meant inflation has been above the Financial institution of England’s 2 per cent goal for 2 months in a row. 

On 23 December, revised knowledge from the Workplace for Nationwide Statistics confirmed the economic system noticed zero progress between July and September. 

That is Cash podcast