Consumers are spending 18.9pc more on groceries this year – but despite this, experience shopping is being prioritised, with a 109.3pc rise in cruise holiday spends.
The latest Revolut monthly consumer spending report has revealed that while consumers are burdened with inflation, they are “prioritising experience and travel” spends, after Covid-19 affected life so dramatically.
The financial company reported that consumers are paying out 116.5pc more annually at travel agents, 109.3pc more on cruises and there has been a 30.8pc increase on airline spends.
A Revolut spokesperson said: “The periods of lockdown gave many consumers a new perspective on their priorities. The new priorities include travel, where spending on hotels and airlines continue to increase, and activities for days out, such as museums and theatres. These new priorities suggest a continued desire to be around others and get out of the home.”
Consumers spent 14.3pc more on hotels annually, a 12.5pc increase on clothing, 26.8pc more on cosmetics, a 14.6pc increase at department stores and 26pc more on furniture.
Physical entertainment has increased significantly, Revolut stated, as spending rose by 65.1pc at aquariums, where footfall increased by 54.5pc. Shoppers invested on days out at museums, spending 58.1pc more while footfall rose by 47pc.
Spending at theatres climbed by 50.3pc and footfall increased by 37pc, annually. However, the number of customers going to the cinema decreased by 5.6pc.
While the data highlighted that supermarket spending rose by 18.9pc compared to last year, many consumers were cutting costs by shopping at discount stores.
Discount stores saw a 13.9pc hike in the number of customers and the average customer spent a 6.8pc increase.
However, home entertainment was less of a priority post Covid, with subscription services seeing a 22.4pc drop in spending. Revolut said this may suggest many had cancelled subscriptions.
Spending on digital goods, including books, films, TV shows and music, declined by 15pc annually, the financial company added.
While the data highlighted a rise of 19.5pc on spending on petrol, compared to last year, bus companies were also benefiting. There was a 36.4pc increase in customers getting the bus and a 36.7pc rise in customer spending, year on year, on buses.
The number of gym customers fell by 0.7pc in February compared to January this year, while there was a drop of 8.9pc in spending at bookshops. Spending on dating apps also fell by 15.7pc month-on-month, Revolut said.