Holiday spending surged during wet winter months, says Virgin Money

Spending on holidays jumped during the wet wintry weather, according to a bank’s analysis of its current account customers.

The number of holiday-related transactions increased by 26%, compared with the winter of 2022/23, Virgin Money found.

By value, holiday spending increased by 22% annually during the winter months.

Customer spending data was sourced from Virgin Money current account customers between December 1 2023 and February 29 2024.

Total holiday spending jumped by 82% by value in January 2024, compared with December 2023.

Holiday spending remained high in February 2024, as people made the most of new year deals, Virgin Money said.

In a sign that customers were keen to keep on top of their overall holiday costs, Virgin Money’s analysis also indicated that package holidays were popular, with travel agents and tour operators accounting for significant chunks of holiday spending.

Graeme Sands, head of personal banking at Virgin Money, said: “It’s great to see our customers are balancing their lifestyle spend so they can continue to invest in activities that allow them to make memories and share exciting experiences with friends and family, whether that’s with a holiday of a lifetime, a quick break overseas, or a night in with loved ones.”