Spending on holidays has jumped by 40% despite the cost of living crisis and high inflation

Virgin Money bank’s analysis of their customer data shows that spending on holidays has jumped by 40% compared to the previous year.

They analysed Virgin Money current account customers spending and found that it was up by 40% when comparing March to May 2023 to the same period in 2022.

The analysis showed that customers aged 18 to 25 saw that their spending was up by 60% which is the largest year on year hike in holiday spending.

Despite the cost of living crisis, inflation and high interest rates the bank said that customers are using tools to help them budget better.

Ruth Brougham, head of digital banking at Virgin Money, said, “We understand times remain tough for many people at the moment, and we continue to provide our customers with tools to help them manage their budget in a way that works for them so that they can make the most of their money – both now and in the future.”