Optimistic Britons spending more, clothing a key category
A study of around 2,000 respondents by Bauer Media Outdoor revealed36% of Britons reporting having less rigid budgets and treating themselves more, compared to the same period last year, a 20% year-on-year increase.
Also, the UK retail industry is 'leaning towards optimist' with 18% of people spending the majority of their money on clothes shopping. Some 26% admit spending their disposable income on clothes, which was named the second most popular way to spend disposable income after travel (33%).
The data signifies a boost in consumer confidence and "that shoppers are returning to high streets", Bauer said.
The research also shows a clear divide in how each age group uses their disposable income. Millennials prioritise clothes (37%) and travel (30%); Gen Z spends their disposable income on snacks (32%) and entertainment (26%); while those aged 35 and over spend most of their disposable income on travel, and this preference increases with age, the report notes.
Motivations behind spending disposable income include serving as a mood boost (32%), seeking new experiences (31%), for self-improvement (23%), and in pursuit of social connection (19%).
When it comes to generational differences, 18-24-year-olds (32%), 45-54-year-olds (41%), and 55-65-year-olds (34%) prioritise the mood-boosting abilities of spending. An impressive 45% of 25-34-year-olds spend their money in the name of self-improvement. For 35-44-year-olds (38%) and those 65 and over (21%), new experiences are the main reason for supplementary spending.
Another key finding suggests 19% of people spend their disposable income on their partner, 29% spend their disposable income on themselves, while a similar percentage spend their extra cash on their kids (28%).
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