The key points are:
- Nationwide’s latest Spending Report tracked c190m transactions made by members in February
- Overall spending down 9% vs January: Non-essential spending down 4% and essential spend down 12%
- 15% increase in spending in February on utilities and other bills versus 2021 as cost of living rises
- But spending on holidays and getaways flies in face of pressure as nation prepares to take a break in 2022
- Travel spending also up 12% from January as people return to office after WFH guidance was lifted
Of note, had the cost of energy not increased recently, I would have expected that spending here would have fallen as more people are returning to the office and therefore no longer needing the heating on during the day.
After the last couple of years, it is unsurprising that holiday spending has seen increases which will no doubt delight the decimated travel industry.
Full report here:
https://www.nationwidemediacentre.co...ntial-spending
