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With summer in full swing, a new survey by credit card brand Aqua has looked into the holiday spending habits of people across the UK, and has revealed that one-fifth (19%) of Brits tend to overspend while on holiday.
The study also takes into account how much people are willing to spend on different types of trips, what Brits’ priorities are when it comes to holidays, what they may have a tendency to overspend on, and exactly how much they tend to exceed their budgets by when away. To help Brits plan their next trip, the research has also looked into which holiday destinations around the world are best for different types of budget.
Brits are willing to spend an average total of £861 on couples’ trips abroad, which is just £107 less than what they would pay for a family holiday abroad
From UK stay-cations to solo trips abroad, the survey asked people across the UK how much they are willing to spend on several different types of holiday, to determine who is spending the most on which style of trip.
Family holidays abroad are what Brits are willing to spend the most on, with an average potential spend of £968. Coming in second place, people are also open to spending a significant amount on couples’ trips abroad, with costs tending to average around £861. Brits are also prepared to spend quite a bit on family holidays in the UK, with those surveyed suggesting they would spend £669, on average.
With an average spend of £1,141, those living in Southampton are willing to spend the most on family holidays abroad, compared with all other cities analysed. They also tend to spend more than any other city on couples’ holidays abroad (£1,168) and foreign city breaks (£740).
Type of Holiday
Family holiday abroad
Couple’s holiday abroad
Family holiday in the UK
Foreign city break
Couple’s holiday in the UK
Solo holiday abroad
UK city break
Solo holiday in the UK
Cost is the main consideration for Brits when booking a holiday, with one-third (32%) of people agreeing that price and budget are a big priority
The research also looked into what kind of things people are prioritising when it comes to planning and booking a trip. With one-third (32%) of Brits saying price and budget are the biggest priority for them, cost has ranked as the most important factor when booking a holiday. One-sixth (16%) of people also say all-inclusive packages and deals are something they look for, making it the second biggest priority. A further 16% say the weather conditions of a destination are a main consideration for them.
Over a quarter (29%) of people say they are least confident about sticking to a food and drink budget while on holiday
Keeping within a budget while on holiday can be a challenge, but some aspects of a holiday budget are seen as harder to stick to than others. Brits are least confident when it comes to creating and keeping within a budget for food and drink while on holiday, with nearly one-third (29%) of Brits admitting this to be the case.
However, the survey has also revealed that financial confidence differs with age. Those aged between 25 and 44, and the over 55s, think they are most likely to overspend on food and drink, however almost half (46%) of those aged between 16 and 24 are more worried about not being able to adhere to a budget for excursions.
Brits admit to overspending by an average of £307 while on holiday
With a quarter (24%) of Brits saying they tend to spend more money while on holiday, and a further 19% admitting to having a habit of overspending when away, the research has revealed just how much people are overspending by.
Of those who admitted to overspending, the average person in the UK exceeds their budget by around £307, however this does differ across the UK. Glaswegians tend to overspend the most, by around £468, across various types of holidays. In second place is Birmingham, with an average of £341, followed by Bristol, at £339.
Average amount overspent
Kuala Lumpur is revealed as the best destination in the world for holidays on a budget, with accommodation costing £483, on average
The research has also looked at how much people can save across different holiday types, depending on location. Kuala Lumpur, Malaysia ranks as the best location overall for those looking to holiday on a budget, with accommodation costing £483, on average, while Hanoi, Vietnam is the cheapest place for those looking for self-catered accommodation (£240) as well as 3-star hotels (£175).
For travellers wanting slightly shorter flight times, Ankara, Turkey ranks as the cheapest destination in Europe for 3-star hotels (£383.52), while Zagreb, Croatia is the best place for self-catered (£567.24) accommodation.
Sharvan Selvam, Commercial Director for Aqua says, “Planning ahead is key to avoid overspending when on holiday. Doing your research and creating a budget prior to your holiday will help you know how much you can comfortably afford to spend on each aspect of your trip. It’s also helpful if you can avoid costly conveniences, such as exchanging currency at the airport and withdrawing cash from ATMs as these options can add up.”
“Using a credit card can be a great way of safely spending money abroad as they can be blocked and replaced in the event of theft or fraud, whereas cash is unlikely to be recovered. Credit cards can also be useful when booking hotels and flights because of the protection they offer if the vendor doesn’t deliver what they promised, just make sure you check with your provider to see if they charge a foreign transaction fee, and be sure to stay within your credit limit and have a payment plan in place.”
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