Foreign travel topping consumers' spending list – Barclays

The card provider said February was a positive month for travel agents despite the rebound in consumer card spending slowing to its lowest level since 2022.

Barclays said travel agents recorded year-on-year growth in February of 10.1%, compared with 8% in January. It added this comes as 73% of Britons say they will be going on holiday in 2024.

Hotels, resorts and accommodation saw their lowest rate of growth (0.3%) since May last year, which Barclays suggests means “holidaymakers are opting for escapes abroad instead of staycations”. 

Overall, February’s 1.9% growth in total consumer card spend represents the smallest increase since September 2022. Spending in bars, pubs and clubs was also at its lowest level since then.

Barclays also recorded a 2.2% fall in high street spending, excluding groceries, which it attributed to the recent exceptionally wet weather.