The new Amex Spending Spotlight research asked UK shoppers about their current spending habits and preferences as well as their intentions for the year ahead. This survey does not reflect American Express customer spending data or trends.
Experience-hungry Brits
Consumers’ love of experiences big and small, such as dining, day trips, wellness activities and festivals is set to continue into 2025, with almost six in 10 (59 per cent) planning to spend the same amount or more on experiences this year, compared to last. About two in five (39 per cent) say they like to try at least one new experience every year and a similar proportion said they prioritise spending on experiences over material items (38 per cent).
Gen Z and Millennials were the largest cohort anticipating spending more on this category – over half (56 per cent) intend to fill their free time enjoying more experiences during 2025, according to the research.
Savvy spending consumers
Brits will be taking an increasingly savvy approach to their spending, the research found. Half (50 per cent) of all respondents say they will buy from alternative retailers if they feel they can get a better deal elsewhere, with a third (33 per cent) stating they would be encouraged to do so by specific offers.
Shoppers plan to lean into ways of achieving greater value for money this year, compared to last; buying pre-loved items, maximising seasonal sales, and using payment cards that offer rewards and points on their purchases were among the top ranked tactics.
Furthermore, Gen Z and Millennial shoppers ranked as the most thorough when it comes to their research before spending, particularly if planning to purchase big ticket items like furniture. Almost three quarters (73 per cent) of this age group said they either always or sometimes seek recommendations in advance.
Support for shopping small
The research showed that affection for the UK’s small businesses remains strong, with almost two-thirds (63 per cent) of consumers believing it is important to support these businesses all year round, and not just during seasonal peaks like Small Business Saturday, which in 2024 saw a collective £634m spent in-store and online.*
Consumers highlighted various reasons why they would continue shopping small, including how these businesses boost the appeal of their local high street (53 per cent); the personalised experience they enjoy when shopping (50 per cent); and a desire to support their local community (43 per cent).
Dan Edelman, UK General Manager, Merchant Services at American Express, said: “The one guarantee with retail is that it never stands still, and it’s the retailers who best meet ever-evolving customer expectations that will succeed. Our research identifies some distinct priorities that are likely to influence consumer spending behaviour in the months ahead.
“For small businesses, it’s hugely positive to see continued recognition of, and affinity for, shopping small highlighted by the research. Small businesses pride themselves on the unique experiences and service they offer, something that clearly appeals to consumers.”
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