Consumers ‘cutting back on holiday spending’
A new survey suggests the average amount of money spent on short overseas trips this year is down £98 compared with 2017.
Consumers are cutting back on how much they spend on holiday, a new survey suggests.
The average amount of money spent by people on short overseas trips this year fell by £98 compared with 2017, a poll commissioned by travel trade organisation Abta indicated.
Spending on longer foreign holidays is down £94 over the same period and there has also been a drop in how much people are forking out for UK breaks, according to the research.
The survey of 2,043 UK consumers suggests that people are attempting to make savings by changing their booking habits.
Nearly one in five (19%) said they left it later than usual to book a holiday this year, while 22% said they booked earlier.
The most common reason for this (33%) was to secure a better deal or cheaper price.
The poll did indicate some good news for the travel industry, with nearly nine out of 10 (88%) of respondents taking a holiday this year.
This is the highest figure since 2011.
Separate industry data shows double-digit growth in the number of people visiting good-value package holiday destinations such as Egypt, Turkey and Bulgaria in 2019, creating competition for traditional favourites in the western Mediterranean.
Rather than cutting back on the number of holidays, people are looking to save money in their holiday budget in other ways Mark Tanzer, Abta
Abta chief executive Mark Tanzer said: “The British public’s appetite for taking holidays has continued unabated in the past 12 months.
“This has partly been due to the wide variety of excellent value-for-money options available this year, and also because holidays are a priority when it comes to discretionary spend.
“Rather than cutting back on the number of holidays, people are looking to save money in their holiday budget in other ways – spending less before and while they’re away, and changing when they book to find better deals.
“With seven in 10 people planning a trip abroad in the year ahead, it’s clear that holidays are set to remain a spending priority.”