New research from banking app Chase, shared exclusively with Metro, reveals that the average Londoner spends £259.76 every weekend. When age is factored in, Gen Z (those aged between 18 and 24) outspend older generations, racking up a bill of £275 every Saturday and Sunday. This is despite the fact that the average monthly salary for those in that age group is £1,868 per month, the lowest of all adult age groups.
What Londoners spend on
Shopping is the single most popular spending category across the capital, with the average Londoner spending £72.07 each weekend on retail therapy. Gen Z spends £75.16 per weekend on shopping, totalling a £3,908 spend per year to keep their wardrobes curated.
Dining was the second highest expenditure for Londoners overall. According to the survey, the average person living here spends £59.22 on eating out each weekend. Gen X (those aged between 45 and 54) are the biggest spenders on dining out, spending £63.38 on average each weekend.
Drinking, fitness, and other activities
Londoners are only spending around £45.97 per weekend on drinks and nights out. It perhaps points to the downward trend in alcohol consumption, with one-third of UK adults who drink saying they are drinking less alcohol than they were a year ago. Millennials (those aged 30 to 45) are the most likely to indulge on drinks, spending an average of £48.64 in London’s pubs, bars, and clubs every weekend.
The average Londoner spends £32.85 on fitness and wellness per weekend. Over a third (40%) of Gen Z heads to a gym or fitness studio at the weekend. This leads to an average spend of £49.23, investing heavily in boutique studios and premium experiences.
People in the city spend £49.64 on other activities such as heading to the theatre or visiting exhibitions. Londoners are most likely to go for a walk (45%), eat out (36%), or grab a coffee, tea, or matcha (29%).
Balancing enjoyment and savings
‘What really jumps out here is that younger Londoners aren’t just spending more at the weekend; they’re spending on having a life and making the most of the city they live in,’ Vix Leyton, consumer expert at thinkmoney, says. ‘If you’re paying London rent and London prices but never actually enjoying what’s on your doorstep, you’re paying a premium for the lifestyle without reaping many of the rewards.’
Vix says: ‘The trick is finding the balance between enjoying your money now and saving for the things you want in the next few years. That doesn’t have to mean spending every weekend sitting at home guarding your bank balance.’
Vix says to make the most of any deals and discounts available. ‘Look out for restaurant soft launches offering big discounts, and make the most of the free museums, galleries, parks and events you’re already helping to fund by living there. A bit of research can make your money work much harder when it comes to finding the joy.’
