UK households are set to spend 33% of their disposable income during the summer this year, according to new research from Ferratum Groups’ Summer Barometer 2016.
The annual report 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.
However, summer spending in the UK is on the rise with one in three 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.
UK country manager for Ferratum Group, Tony Gundersen, commented: “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.”