Britons cut back on high street spending to splash out £178bn creating memories

Fans gather outside Wembley Stadium ahead of Taylor Swifts first London concert, during her Eras Tour

Brits are set to splash out an average of £3,322 each on summer fun, with holidays and gigs topping the list, according to a Barclays survey.

The nation is ditching the high street in favour of creating memories, as demand soars for experiences ranging from beach breaks and sports matches to live music and "competitive socialising" activities like bowling and mini golf, the research indicates. Travel hotspots are poised to soak up a hefty slice of the £178billion earmarked for experiential spending between June and September, while UK businesses offering staycations and entertainment are tipped to pump £134billion into the economy, projections by the Centre for Economics and Business Research (CEBR) suggest.

The survey points out that nearly half (46%) of the £3,322 per person budget is expected to be spent on overseas trips (£906) and UK getaways (£615). Other popular picks include shelling out for live shows (£435), cheering at sporting events (£295), and seaside jaunts (£143).

Young adults aged 18 to 34 are will spend £5,531 on average, whereas those over 55 plan to spend a more modest £2,123. A significant 57% of respondents would rather invest in a memorable experience than purchase tangible items, a sentiment that has risen by five percentage points since 2018.

Moreover, nearly two-thirds (63%) prefer to share stories about their adventures over things they've bought. Similarly, 44% are on the hunt for new and unique experiences to make this summer one to remember, with 61% of young adults aged 18 to 34 leading the charge.

Barclays' figures reveal that annual outlay on entertainment and jaunts has surged by 6.5% and 11.6% respectively compared to last year, eclipsing the 3.4% rise in non-essential spending. Notably, cash splashed on gigs and shows has climbed by 4.8% from the previous year, and a prior Barclays study estimated that fans attending Taylor Swift's Eras Tour are set to fork out an eye-watering £848 on average per person.

A quater of punters are gearing up to spend more cash on events and experiences than they did last year. Dr Peter Brooks, Barclays' chief behavioural scientist, remarked: "The excitement of buying new furniture, a TV or smartphone tends to disappear relatively quickly as those items get normalised into our everyday lives."

"However, the memories created from spending on experiences, especially when it's with family or friends, has been linked to longer-term boosts to happiness as the memories created live on when we reminisce about those shared moments. We're witnessing a long-term behavioural shift that will see experiences like travel and live entertainment take up a greater share of our discretionary spending, certainly this summer but also into the foreseeable future."

Mastercard's separate data indicates that 63% of Brits are gearing up to splash out on travel and tourism this year, with 41% looking to indulge in food-related experiences and a rocking 39% set to enjoy live music. The survey, which quizzed 1,000 UK adults, also uncovered that 37% are keen to spend their cash on wellness experiences, while theatre trips are on the agenda for 30%.

Natalia Lechmanova, Mastercard Economics Institute's chief economist for Europe, commented: "As headwinds from high inflation and high interest rates gradually recede, consumers are set to deploy their stronger purchasing power on discretionary spending. Excitement driven by prominent events such as global sporting competitions, music artist tours and international film festivals coming to Europe this year are likely to keep the spend on experiences high."

Opinium conducted a survey for Barclays, polling 2,000 UK adults between April 17-22.