Relaxed Brits are so laid back on holiday that they do not think about how much they are spending, according to new research commissioned by Cheapholidaydeals.co.uk – the number 1 guide to holiday bargains. 67% of people admit to overspending their holiday spending budget or not bothering to set a spending limit at all – thinking more about their enjoyment than their wallet.
33% of these holidaymakers estimate that they exceed their allowance by up to £250 during a trip. With 40 million people in the UK due to take a holiday this year (ABTA) and the average person overspending by £100, these findings show that 13.2 million Brits are likely to overspend their budget by over £1 billion.
When asked why they fall into such debt on holiday, a staggering 86% of people confessed that their overspending was due to a ‘carefree attitude whilst away and losing track of spending’.
34% of people completely forget about money once their bags are packed and do not set a spending budget for their holiday. This is more common amongst men, as 69% of women claimed to allocate a specific amount for their holiday spending indicating that they should hold onto the purse strings.
Younger travellers are the most spendthrift with 76% of 18 to 29 year olds admitting that they do not pay attention to their spending. 20% of these young holidaymakers state the most common reason for this was ‘peer pressure of holiday companions’.
The most popular area of overspending is ‘eating out and alcohol’ with 50% of holidaymakers enjoying the opportunity to indulge at local restaurants and bars. Surprisingly, 18 to 29 year olds spend over their limit on ‘souvenirs’ (12%), whilst 30 to 50 year olds prefer to pay more on ‘sightseeing and cultural trips’ (14%) and over 50’s are inclined to break their budget on ‘clothes’ (14%). Upgrading or improving accommodation was the least likely area that people would overspend on (1%).
Across the country, with 56% the Scots are the most likely to eat and drink their way through their holiday spending budget. Fashionable Londoners overspend more than anyone else on clothes (11%) whilst those from Wales and the Midlands are clearly culture vultures exceeding their expenditure on sightseeing and cultural trips (14%).
David Soskin, CEO of Cheapholidaydeals.co.uk, said: "These results show that for Brits holidays are clearly about fun not finance. When you consider that the average package holiday costs £460 per person, some people are overspending by half the cost of their actual holiday. It confirms that when it comes to our time off, we’re willing to spend that extra bit of money and work it off when we get home. The thought of debt seems to evaporate in the sun.”
Cheapholidaydeals.co.uk suggests the following Top Five Tips to help people watch their pounds and pennies on holiday: - 1. Save money on the actual cost of your holiday by finding the best deal. Cheapholidaydeals.co.uk presents 200,000 of the best value holiday deals in the UK from over 250 travel companies. 2. Exchange your spending money before you leave at a reputable company (e.g. Travelex) – hotels are likely to offer non-competitive rates. 3. Pre-book excursions and day trips thereby incorporating this into the cost of the overall holiday. Travel companies sometimes offer incentives and discounts when buying these in advance of your trip. 4. Choose a holiday with self-catering facilities to avoid spending too much money on eating and drinking in restaurants and bars. 5. Traveller’s cheques may provide less of a temptation to spend your entire holiday budget in one go. This will stop the urge to take all your spending money out in one night. Source:- YouGov Fieldwork Research; 30th January – 2nd February 2004 (Sample size = 2460)
Notes To Editors: - Cheapholidaydeals, launched in January 2004, is the latest site to join the Cheapflights.co.uk family of websites. Cheapflights pioneered internet travel in the UK in 1996. The Cheapflights’ family of websites does not sell flights, or holidays, but provides a neutral online guide to the best travel deals from across the travel industry. Site traffic in January 2004 showed that the Cheapflights websites had nearly two million unique users. The company conservatively estimates that use of the site by consumers in 2004 will lead to travel product sales of over £500 million a year by the 500 travel industry advertisers on the site. These advertising partners range from large companies like British Airways and Thomson to specialist operators like Barwell Travel and Serenity Holidays. The Cheapflights’ mission is to be the number one guide to travel deals within each market in which it operates. In addition to Cheapflights.co.uk, Cheapflights Ltd owns a number of travel websites, across different international markets, and also operates Cheapflights.com, Cheapaccommodation.com, the global accommodation website, and Cheapholidaydeals.co.uk.
