Brits to spend a third of their household income during the summer, new research reveals

The Summer Barometer 2016™ from Ferratum Group has revealed that UK households are set to spend 33% of their disposable income during the summer this year.

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Surprisingly, the annual research revealed that consumers in the UK are actually some of the lowest summer spenders across Europe, with Germany (71%) and France (60%) spending at least double that of the UK over the hotter months.

Retailers and hospitality businesses need to be fully prepared for this increase in customer demand in order to prevent customers spending this money with their competitors.

Summer spending in the UK is on the rise, however, with 1 in 3 households (35%) planning to spend more than last year, and a further 44% likely to spend a similar amount.

Over a fifth (22.5%) of the UK spend will go on travelling this summer, with only Sweden and Norway intending to spend more cash on travel. British consumers also prioritise buying new clothes and engaging in social activities during this period, with households spending 20.7% of their disposable income on these.

Tony Gundersen, UK Country Manager for Ferratum Group comments:“This year’s Summer Barometer™ clearly demonstrates how much the UK prioritises travel, spending more in this area than other countries in the survey. By contrast, given the number of sporting events and summer festivals occurring over the summer period, it is surprising that only 10% of household expenditure across Europe and Canada goes towards these activities.
The fact that a third of our household income is being spent during this relatively short period means that retailers and travel services providers have a strong opportunity to boost their revenues over the summer months.  However, retailers and hospitality businesses need to be fully prepared for this increase in customer demand in order to prevent customers spending this money with their competitors.”

Ferratum Group’s annual Summer Barometer™ was conducted using a standardised online questionnaire of 17,631 anonymous respondents across Ferratum Group’s 19 country locations in Europe and Canada. Respondents were asked about disposable monthly net income, how much they spent on their summer holiday, which activities they spend their money on and their preferred payment methods.