Brits to spend billions on travel this year

Brits are set to spend billions collectively on holidays and trips abroad this year, research by American Express has revealed.

Despite the continued economic turmoil, the majority of people are still planning on taking a holiday this year, the research found. This is a change from last year, when it was found that 21% of people went without a holiday in an effort to save money.

“Last year saw many people exercising frugality in the face of difficult economic conditions,” said Julie Hay, head of British Airways American Express Credit Cards at American Express.

“But it is promising to see that this year we are likely to see a turnaround in that trend,” she added. Just 9% of people said they are planning to go without a holiday this year. Not only this, but almost half of people are planning a ‘major trip’ of a week or longer. The majority of those planning a holiday are heading abroad, with 63% saying they are going overseas at least once this year.

But austerity is still at the forefront of people’s minds, with 28% saying they are planning a ‘staycation’ in order to have a holiday on a budget. “In addition we are seeing a rise in the number of alternative and innovative ways of saving money while on holiday,” added Ms Hay. “For example, our research found that 47% of UK adults have or would consider a ‘house swap' holiday; exchanging properties with another person or family either in the UK or abroad, as a way to save money and have a new experience.”

The research found that holidaymakers will spend an average of £923 each on flights, accommodation and spending money. If you are planning a trip abroad this year, investing in travel insurance is essential. This will ensure you are protected for all eventualities while abroad.

Date Created: 25 April 2012

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