Brits choose loans, to fund their “summer lifestyles”
Summer is finally upon us, although if you live in Britain you’d be forgiven for not realising it. Typically, summer is the season when spirits are that little bit higher, and many of us make a concerted effort to do more with our time. However, summer is also one of the most expensive times of the year, as revealed by a new report.
One of the most obvious expenses that consumers absorb during the summer months comes in the form of a holiday. Traditionally, most Brits take at least one holiday per year, commonly between the months of June through to September. Approximately 70% of people choose to take their annual holiday abroad and it is suggested that the average cost tagged to such holidays is around £1500. It is also suggested that more and more people are financing their vacations by using either a loan or credit card.
However, it has also been revealed that holidays are not the only reason why UK consumers tend to spend more in the summer. As you’d probably expect, the summer months inspire a large amount of people to spend more time in their gardens, which in turn inspires more people to spend money remodelling their gardens, in order to enjoy them all the more. Statistics reveal that demand for garden related products and services such as patio heaters, barbecues and landscape gardening increases by a staggering 50% between June and August.
Brits are also more inclined to eat out when the weather is good, and will also plan frequent trips to British coastal destinations. Analysts reveal that day trips in particular, are exceptionally popular amongst Brits during the summer, as demonstrated through a recent valuation of the day trip market, currently worth around 7 billion each year.
As you’d expect, the finance industry also experiences a surge in demand during the summer months, with large numbers of people turning to loans in order to fund their “summer lifestyles”. If you were to consider applying for a loan, in order to fund some form of summer related activity, it would be wise to plan ahead and account for all eventualities. Low value loans have become increasingly expensive over the last few months, and if you can justify borrowing slightly more, you could save in the long run. However, when all is said and done, if you are thorough with your search, you are still likely to find a great deal.
