Britons are set to spend a third of their annual disposable income this summer on travel, clothes and socialising

 
Francesca Washtell
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Surfers Descend On Newquay For The Annual Boardmasters Festival
More than a fifth of Britons' summer splurge (Source: Getty)

Britons are about to loosen their purse strings as new research shows we will spend a third of our annual disposable income on average during the summer on travel, new clothes and socialising.

Undeterred by other pressing costs such as soaring rent rates, over a fifth (22.5 per cent) of this spending will go towards travel, with only Sweden and Norway intending to spend more cash on overseas jaunts.

UK consumers also prioritise buying new clothes and socialising during this period, which takes up over a fifth of disposable income.

Read more: UK tourists forecast to spend a record high in 2016

The Summer Barometer 2016, from short-term loan provider Ferratum Group, has found that despite UK households earmarking 33 per cent of their disposable for summer fun, British consumers are actually some of the lowest spenders in Europe.

More than seven in 10 Germans (71 per cent) and six in 10 in France (60 per cent) will spend at least double that of the UK over the hotter months.

Read more: Bookies are betting on 2016 being the hottest summer on record

Nonetheless, summer spending in the UK is on the rise - with just over a third of households (35 per cent) planning to send more than last year, and almost half (44 per cent) likely to spend a similar amount.

Tony Gundersen, UK country manager at Ferratum Group, said:

This year's Summer Barometer clearly demonstrates how much the UK prioritises travel, spending more in this area than other countries in the survey. By contrast, given the number of sporting events and summer festivals occurring over the summer period, it is surprising that only 10 per cent of household expenditure across Europe and Canada goes towards these activities.

The fact that a third of our household income is being spent during this relatively short period means that retailers and travel service providers have a strong opportunity to boost their revenues over the summer months.

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