The Experience Culture report reveals the average British household now spends more than £3,500 a year on experiences such as holidays and entertainment. And the study, produced by consumer think-tank the Future Foundation, also predicts that Britons will spend up to £115 billion a year on experiences by 2007.
The top five "experiences" the nation spends its money on are:
• Holidays (UK & abroad): £33 billion
• Eating out: £15 billion
• Social drinking: £12 billion
• Sport / Social clubs: £6 billion
• Take aways: £5 billion
We also fork out £2 billion on learning and leisure, £3.5 billion on hairdressing and beauty treatments and over £3 billion on flowers and plants for our home.
Louise Goffee, of Norwich Union, said: "Mobile phones and designer clothes are no longer thought of as the luxuries they used to be. So people are looking for other ways to get a buzz out of life. Whether it's a holiday or a health spa, people are spending a significant amount of their hard earned cash on experiences: 17% of total consumer expenditure, up from 13% in 1980. And this trend looks set to continue with the nation spending up to £115 billion by the end of this decade."
