Despite the squeeze on income, due to cost of living pressures, holidays are the UK’s “number one discretionary spending priority”, Mintel said. 

Around a third (32%) of Brits said they would most want to continue to spend on holidays – even if they had to cut their overall spending. 

Francesca Smith, senior consumer and lifestyles analyst, said: “One category from this year’s British Lifestyles research that provides optimism is holidays, and we expect spending on this to continue to be prioritised. 

“The value Brits place on holidays has only accelerated since the pandemic. During tough times, going on an extended break offers the ultimate escapism from everyday life and will be squeezed in wherever possible.” 

The data chimes with Travel Counsellors’ new research, which states more than three quarters of UK consumers would spend as much this year on travel as last, with 81% prepared to break their budgets. 

Elsewhere, in the Mintel research, 46% of women said they have cut back on clothing and accessories spending, compared to 33% of men. 

While 51% of women expect to cut back on non-essential spending in response to rising prices, compared to 39% of men, in 2023. 

Around 19% of Brits said they were more likely to buy second-hand technology as a result of the cost of living crisis. 

Mintel said: “Brits continue to look at ways to combine value and sustainability, leading to growth in the refurbished technology market.”