Holiday spending by bank’s customers jumped by 40% annually this spring

Spending on holidays has jumped by 40% compared with a year earlier, according to a bank’s analysis of its customer data.

Virgin Money said the total value of spending on getaways increased by 40% when comparing March to May 2023 with the same period a year earlier.

It analysed Virgin Money current account customers’ spending data to make the findings.

The biggest year-on-year jump in holiday spending was seen among customers aged 18 to 25, whose spending jumped by 60%.

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.”