• Lloyds Bank data unearths how the travel industry is experiencing a boom in consumer spending

• Spending on flights and holidays has rocketed

• Cruise industry sees biggest growth in holiday spending

Spending on airline travel and holidays is surging in the UK, according to data from Lloyds Bank, with cruise companies experiencing the biggest boom in spending, as the UK approaches the busy February half-term.

Lloyds Bank has revealed the data following the launch of its new credit card, the World Elite Mastercard®, where customers can earn cashback on every card purchase made, alongside enjoying a range of travel benefits.

Spending by its customers on holidays, airlines and cruises grew every month in 2023, compared to 2022, peaking in January last year at in increases of 55%, 90% and 116% respectively.

Traditionally, January is the peak time for people booking holidays. This year, Lloyds

Bank data shows holiday companies experienced a Mad Monday on January 15 2024, with a massive 21% increase in spending when compared to the year before, while airlines and cruise liners got a simultaneous shot in the arm with Fantastic Friday on January 5 2024, as spending jumped a whopping 27% and 49% respectively compared to 2023.1

In 2022, total holiday expenditure reached almost £40.2billion according to Statista, bouncing back after the pandemic which decimated the industry.2 ONS figures predict that even more was spent on holidays during 2023.3

February, meanwhile, is one of the most popular months for Brits to take a holiday according to YouGov,4 thanks to the first half-term of the year and a nationwide desire to kick those January blues into touch.

However, this popular holiday period has not been without its challenges in years gone-by. As passenger numbers surge during the February half-term and Lloyds Bank data showing huge spikes in spending on holidays, travellers can expect airports to be particularly busy.

That’s where the new Lloyds Bank World Elite Mastercard® can step in to make travelling smoother. Alongside earning 0.5% cashback on each card purchase, and 1% cashback on purchases after spending reaches more than £15,000, customers will also receive benefits which add a touch of luxury when travelling:

o Access to over 1,300 airport lounges, including lounges at London

Heathrow, Edinburgh International, Orlando International, Dubai International and many more, through Priority Pass. (Owned and operated by Collinson.)

o Cardholders will be able to skip airport security queues and upgrade their airport security experience at participating airports, powered by DragonPass.

o Direct access to Mastercard’s priceless.com experiences and content in the UK and around the world.

Marc Lien, Credit Cards Managing Director at Lloyds Bank, said: “As we witness a remarkable surge in consumer spending on travel, it's evident that, despite economic challenges, people are eager to embrace experiences and plan getaways.

“In the face of growing demand for travel, the Lloyds Bank World Elite Mastercard® not only rewards every purchase with cashback but enhances the travel experience with exclusive benefits, including skipping

airport security queues and access to over one thousand airport lounges worldwide.”

ENDS

Notes to editors

World Elite Mastercard® is available from Lloyds Bank now. Application is subject to eligibility and affordability checks. Terms and conditions apply, please visit World Elite Mastercard | Lloyds Bank.

Sample of Lloyds Banking Group (Lloyds Bank, Halifax, Bank of Scotland) debit and credit card spending data scaled up to represent the entire customer base. Data is not weighted to be representative of UK population.

For more information about any of the data included in this press release, contact Connor Vinehill-Dunn via Lloyds@gold79.co.uk.

1 https://www.statista.com/statistics/578962/holiday-spending-by-united-kingdom-ukresidents/#:~:text=Outbound holiday expenditure from the UK 2011-2022&text=Despite the sharp annual increase,billion British pounds in 2022.

2 https://www.statista.com/statistics/578962/holiday-spending-by-united-kingdom-ukresidents/#:~:text=Outbound holiday expenditure from the UK 2011-2022&text=Despite the sharp annual increase,billion British pounds in 2022

3 https://www.ons.gov.uk/peoplepopulationandcommunity/leisureandtourism/bulletins/overseastravelandtourismprovisional/julytoseptember2023

4 https://yougov.co.uk/topics/travel/trackers/how-many-days-holiday-brits-take

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