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Consumers prioritising travel spend in 2022
British consumers are prioritising travel at the start of 2022, taking advantage of reduced global travel restrictions.
Data from UK credit provider NewDay showed average credit card spend on hotels, flights and travel pacjages increased 453% in January and February 2022 year-on-year
The spending trends data found people felt more confident in going out and socialising after the further lifting of Covid restrictions in England.
Entertainment-related spend including bars, nightclubs, restaurants, theatres and sports increased by 171% for January and February
Total overall credit card spend increased 27% in the first two months of 2022 and showed double-digit growth against pre-pandemic levels (19%).
Restaurant spend increased from the lows of last year with average spend increasing 149% as people ate out more.
Sharvan Selvam, Direct to Consumer Commercial Director, said: “People are making up for their lack of holidays abroad and embracing unrestricted social freedoms despite the rising cost of living. It will be interesting to see if these trends continue into the second quarter as the cost of living continues to rise.”
Credit cards remain a popular option for consumers when it comes to booking flights and hotels, with added protection under the Consumer Credit Act.
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