Wealthy Brits 'keen to indulge in holidays'
09 June 2016 09:06
Affluent Britons are increasing their spending on luxury holidays
More and more Britons on higher salaries are pampering themselves with luxury holidays, according to a new poll.
Their spending on getaways rose by an inflation-busting 6.5% between 2014 and 2015 to nearly hit an estimated £40 billion.
Over a quarter of them (27%) say they are more likely to treat themselves to a high-class holiday than anything else.
The Mintel report's £39.9 billion figure is comfortably ahead of the £30.22 billion affluent UK residents spent on the combined leisure/entertainment market, which has seen a 3.7% hike.
The analyst firm's latest yearly lifestyle study finds that higher earners are putting the recession well and truly behind them.
Sparkling wine and gourmet restaurants are other luxuries they are increasingly indulging in.
The former has experienced a 14% jump in sales to break the £1 billion mark, at £1.3 billion.
The beauty industry has taken something of a dive, however. It has dipped 0.2% in the annual Mintel report after 17 consecutive years of growth.
Little more than one in six consumers (17%) say they would treat themselves to personal care or beauty products.
Travel insurance spans the pay packets
Whether holidaymakers are living the high life in St Tropez or enjoying a humble beach hut, there's one constant across the salary ranges: the need to take out travel insurance.
Such cover can protect travellers against much of the worst that can befall someone during a getaway.
This includes cancelled or delayed flights, missed connections, lost luggage and stolen possessions.
• 40% of £49,999-plus earners say they felt more affluent in 2015 than they did in 2014
• 16% of sub-£9,500 earners say they noticed better finances in 2015 than in 2014
• Overall, 26% think they have more money to spend, one in five think they have the same and 53% have noticed no change
What the expert says
Mintel's Ina Mitskavets says the UK economy has recently been outperforming several other leading economies.
This has seen above-inflation salary increases, says the firm's senior analyst for lifestyles.
Mitskavets says that it is obvious that richer Britons are becoming happier to spend more on holidays and other indulgences.