Sun, sea and spending: holidaymakers plan to increase resort budgets this year
More than half of Britons holidaying abroad in 2022 expect to spend more money on resort spending this year. Some 53% of people plan to holiday abroad this year, compared to 43% who said so in 2021.
Almost six in 10 families (59%) plan to travel abroad this year, the Post Office Travel Money report shows. Among those planning to travel abroad this year, 54% plan to increase their resort spending budget.
Almost a quarter (23%) plan to spend the money they have saved during the Covid-19 shutdowns. But a significant proportion (24%) of those planning trips abroad said they would reduce their holiday budget because they have less money to spend, rising to more than three in 10 families (31% ).
The researchers also found that seven out of 10 people (70%) who set a budget on their last holiday abroad ended up breaking it. During their last trip abroad, three quarters (75%) of holidaymakers set a budget.
While three in 10 stuck to it, the rest blew their budget by an average of £132. People aged 45-54 had the highest typical overage, at around £155.
Those in South West England also recorded the highest average overrun in the survey, at nearly £182. And people in Yorkshire had the lowest average overage, at just under £85.
A range of factors explain the high levels of overspending, but nearly two-thirds (63%) of holidaymakers said ‘scams’ had a role to play, such as airline food and drink prices, fees excursion and catering service. charges. Some people who booked ‘all-inclusive’ vacations also said they ended up paying for extras outside of their prepaid package.
Nick Boden, head of Post Office Travel Money, which accounts for one in four foreign exchange transactions in the UK, said: “Over the past five years, research for the Holiday Spending Report has consistently revealed that most Britons start with good intentions by setting a budget. but find it insufficient once they arrive at their vacation spot. We urge them to think back to their last vacation and budget based on past experience.”
Over 2,000 people were interviewed in April and May across the UK.
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