Barclays’ latest spending report also revealed the number of transactions with travel agents rose by 11.8% year-on-year and 28.7% with airlines. 

The figures relate to 1 January and 25 November 2023, and have been compared with the same period in 2022. 

Across the same period in 2023, non-essential spending increased by 4.2% year-on-year, while non-essential transaction growth rose by 3.9%.  

In a further boost to travel, around 19% of the 2,000 consumers polled said in November that they would be planning more holidays in 2024 because “they’re still catching up on trips missed during lockdowns”. 

Esme Harwood, Barclays director, said: “Brits prioritised memorable experiences and shared moments with loved ones this year, boosting pubs, travel and entertainment. 

“Many were keen to make up for lost opportunities during the pandemic by booking holidays, treating themselves to concert tickets, and enjoying nights out with friends.” 

Barclays chief UK economist Jack Meaning predicted that 2024 would be “a year of transition, from headwinds to tailwinds, but come next December we should be able to toast the new year with more festive spirit”. 

“Although 2024 will be a tough year for the economy as a whole, the new year is a time to look for the positives,” added Meaning. 

“We expect to see the Bank of England start easing interest rates from the middle of the year, and, in fact, we’re already seeing mortgage rates come down in anticipation. 

“This is as the speed of price rises slows, which should continue to provide at least some boost to the spending power of people who have been squeezed through the cost-of-living crisis.”