UK Multi-Trippers Spread Their Holiday Cash
Holidaymakers are cutting their weekly holiday spending budgets to accommodate their growing desire for foreign travel, as the UK becomes a nation of 'multi-trippers'.
With the average traveller taking 1.4 trips in 2006 and overseas spending likely to peak at GBP34 billion, research from Post Office(R) travel services shows that people are cutting budgets so they can spread their money across more holidays.
Despite the growing increase in total spending overseas, the average spending budget for a week's holiday has dropped five per cent from GBP303 in 2004 to GBP288 in 2006. And in 2004, almost a third (29.8 per cent) of holidaymakers allocated a weekly budget of over GBP400. Only 16.8 per cent of people are budgeting this amount this year.
Kevin McAdam, Head of Travel and Leisure at the Post Office(R) said: "Last-minute deals, budget airlines and the growth of independent travel mean low-cost holidays are more accessible than ever. Taking more holidays means your money has to go further so careful budgeting is essential. Payment methods such as pre-paid currency cards, which can help people stick to budgets, will prove increasingly popular. The Post Office(R) Travel Money Card has a built-in safety net, so holidaymakers can't spend more than the balance on the card."
The research also found that men are the biggest spenders on holiday with over a fifth (20.9 per cent) budgeting GBP400 or more per week, compared to just 13.2 per cent of women. However, this is eight per cent less than 2004 when 29 per cent of men budgeted GBP400 for a week's holiday.
Older travellers (56-65 years old) are the thriftiest with over a third (34.3 per cent) planning to spend less than GBP200 during a week abroad. Those aged 46-55 spend the most, with nearly a quarter (21.3 per cent) budgeting over GBP400 for a one-week holiday.
Interestingly, the Post Office(R) research also found that ten per cent of the 28 million holidaymakers that set themselves a holiday spending budget will not stick to it. Women are more disciplined than men with 69 per cent sticking to their budget compared to 59 per cent of men.
Kevin McAdam added: "UK travellers can plan their holiday spending more effectively in a number of ways. For anyone travelling more than once per year, we recommend taking out an annual travel insurance policy, which can offer significant savings when compared to single trip policies."
Research carried out by Experian in May 2006. Results are weighted to the profile of all UK adults. Experian is a member of the British Polling Council and abides by its rules.
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