Beyond peak stuff: we're buying less and doing more
Consumer analysts at Visa Europe have identified a shift in shopping trends away from tangible goods, such as clothes and groceries, and towards experiences, such as holidays, entertainment and dining out.
Spending on gadgets which keep people connected to the internet is also on the rise.
Many households have seen their budgets boosted by rising employment, near-zero inflation and low interest rates, whilst food prices have slumped amid a supermarket price war.
Cheap oil has also contributed to more money being available for non-essentials.
Office for National Statistics data also shows average household weekly spending on clothes and food has fallen since 2010, while spending on recreation and culture is on the rise.
Visa Europe says outlay in hotels, bars and restaurants has risen 5.3% year-on-year, several times faster than overall spending.
Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.
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