Monzo reveals London as its highest spending city in the UK

In 2024, spending habits in Britain saw dramatic changes, particularly with the rise in ticket sales and concert attendance. The announcement of a UK and Ireland tour by the popular music group Oasis led to a five-fold increase in ticket sales. Concurrently, Taylor Swift's concerts at Wembley Stadium drew significant crowds, with fans reportedly spending nearly £1 million during her performance. Concerts have become a favorable avenue for many consumers, influencing their discretionary spending choices. The data from Monzo, a digital bank in the UK, showcases that over 11 million of its customers engaged in increased entertainment spending throughout the year. This data indicated a distinct shift in consumer behavior, with individuals prioritizing live music experiences. Notably, spending at London's Drumsheds venue tripled among locals during payday periods, placing it as the second most frequented retailer after Marks & Spencer. 2024 was also marked by the introduction of dynamic pricing for various events, which raised concerns among concert-goers. The standard ticket prices for some events increased more than double, with some tickets selling for as much as £355 compared to initial prices that started around £148. While this new pricing strategy was contentious, it did not deter fans from attending concerts, especially during significant tours like Taylor Swift's Era Tour. The influx of spending from these concerts was a contributing factor to the overall economic landscape, helping to drive commerce in many sectors. In addition to live music, cinema releases also attracted substantial spending among Monzo customers. Movies like Wicked and Gladiator II both generated around £3 million in their opening weekends, although they could not match the financial success of the 2023 release weekends for Barbie and Oppenheimer, which witnessed spending surge three-fold. The data from Monzo highlights a continued preference for fast food, with McDonald's maintaining its top position for dining out across the UK, where it remains the favored choice except in cities like Newcastle and London. Overall, the entertainment industry and consumer spending have been intertwined, with shifts in spending reflecting broader trends in consumer priorities and engagements in 2024.