A bank analysis of its checking account customers found that wet winter weather led to a surge in holiday spending.
According to Virgin Money, the number of holiday-related transactions increased by 26% compared to winter 2022/23.
By value, vacation spending during the winter increased by 22% annually.
Customer spending data was collected from Virgin Money current account customers between December 1, 2023 and February 29, 2024.
Total vacation spending increased 82% in January 2024 compared to December 2023.
Virgin Money said holiday spending remained high in February 2024 as people made the most of New Year's deals.
In a sign that customers want to best control their overall holiday spending, Virgin Money's analysis shows that package holidays are popular and account for a significant portion of holiday spending by tour operators and tour operators.
Graeme Sands, head of personal banking at Virgin Money, said: “We’re excited to help our customers balance their lifestyle spending so they can continue to invest in activities that help them create memories and share exciting experiences with family and friends. Whether it’s a vacation of a lifetime, a short break abroad or a night out with loved ones.”