Brits set to splash out estimated £2.8 billion extra as payday kicks off final weekend of summer

• An estimated 27 million Brits* expect to spend more than usual over the August Bank Holiday – with around 12 million expecting to splash out at least £100 extra
• Virgin Media O2 network data reveals ‘payday effect’ with food delivery app traffic jumping 9 percent and banking and payment apps increasing almost 6 percent
• More than a quarter (26 percent) of employed Brits have deliberately delayed making or confirming plans until payday
• 57 percent see the Bank Holiday weekend as their last chance to make the most of summer

Brits are gearing up for a £2.8 billion+** Bank Holiday blowout, as payday lands just in time to unlock last-minute trips, meals out and treats for the final long weekend of summer, according to new research from Virgin Media O2.

Around 12 million Brits expect to splash out at least £100 more than usual over the August Bank Holiday. Overall an estimated 27 million (49 percent) expect to spend more than a typical weekend, compared with just 4 percent who expect to spend less.

And for many, payday is the trigger. More than a quarter of workers (26 percent) have deliberately delayed making, booking or confirming their Bank Holiday plans until they’re paid, rising to 37 percent of 18-24 year olds, 33 percent of 25-34 year olds and 42 percent of Londoners.

Payday triggers the Bank Holiday splurge  

Virgin Media O2’s network data shows this ‘payday effect’ in action. Analysis of previous paydays shows mobile traffic on food delivery apps spikes by 9 percent, while banking and payment app activity jumps by almost 6 percent and shopping activity increases by 2 percent, compared to average weekdays.

This Bank Holiday could see that effect amplified, with the majority of working Brits (58 percent) expecting their August salary to land immediately before or during the long weekend, including 42 percent in the days immediately beforehand.

Despite half (50 percent) saying they are trying to save and keep spending down, payday appears to give people permission for one final summer treat. Almost one in five (18 percent) say being paid makes them more likely to say yes to last-minute plans, 18 percent more likely to treat themselves or others, and 17 percent more likely to go out.

One last hurrah for summer 

For many the timing couldn’t be better. Almost three in five (57 percent) see the August Bank Holiday as their last chance to make the most of summer, while 53 percent want to do something special over the weekend before September routines return.

More than half (52 Percent) say they are more likely to make spontaneous plans over the Bank Holiday than on a normal weekend, while 44 percent want to get away from home for a change of scenery.

One in five (20 percent) are planning a day trip, 16 percent a trip to the coast and 9 percent a UK staycation or overnight trip. Food, drink and experiences are also set to benefit, with Brits expecting to spend on pubs and bars (28 percent), takeaways (28 percent), restaurants (26 percent), and family attractions (22 percent).

Once the long weekend begins, Virgin Media O2’s historic network data suggests Brits could spend less time scrolling. Previous Bank Holidays have seen mobile browser traffic fall by nearly 28 percent and social media traffic dip by 7 percent, compared to normal Mondays and Fridays.

Jeanie York, Chief Technology Officer at Virgin Media O2 said, “Our network data shows the payday effect in action, with spikes in takeaway, banking and shopping app activity as the end of the month approaches. And when a Bank Holiday arrives, we see browsing and social media activity fall as people spend less time scrolling and more time enjoying the moments that matter most.

With millions expecting payday just before this long weekend, our research suggests many are ready to make the most of it – whether that’s a last-minute trip, a meal out or a night with friends. We’re continuing to invest heavily in our networks to keep customers connected wherever the Bank Holiday takes them.”

Image courtesy of Unsplash. Photo credit: Natalya Zaritskaya.

*Population figures are estimates, calculated by applying nationally representative survey findings to the latest Office for National Statistics (ONS) population estimates. Figures have been rounded to the nearest million.  

**The £2.8 billion figure is an estimate, calculated by multiplying the average extra amount of money people expect to spend over the August Bank Holiday by the estimated 27 million UK adults who expect to spend more than usual, using the latest ONS population estimates.