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24% of the average getaway budget goes towards extras

Setting a little aside each month for our annual holidays is top of the savings priority list for many. However, while many will factor in the cost of flights, accommodation and more into their holidays, holiday extras are likely to put a further dent in our travel budgets according to the latest research. Research conducted by Thinkmoney.co.uk has revealed that the almost a quarter (24%) of the average holiday cost is earmarked for items outside of our basic holiday package.

While between £601 and £700 is spent on travel and accommodation, the remaining portion of our average £920 total holiday spend is allocated for those additional flourishes that help to turn our holidays from good to great. At between £91 and £100 food and drink on holiday makes up the largest share of these extras. But what would a holiday be without the chance to enjoy a tasty local tipple or an exotic dish or two?

Following this in joint second place is a matched spend of between £31 and £40 on our new holiday wardrobes and other expenses such as our souvenirs. While we can recycle our 2013 holiday wardrobe for summer 2014, our nearest and dearest aren’t likely to be best pleased if we don’t come back with a memento or two of our time away that they can marvel at for the remainder of the year.

Commenting on the figures, Ian Williams, spokesman for thinkmoney, said: “The annual holiday is something we all look forward to, and while it can be a major expense it’s an event that many people feel is essential to their wellbeing. However, this survey suggests that the majority of holidaymakers are spending more than they need to.

“By simply packing what they already have in their wardrobes, on their bookshelves and in their toiletries cabinets, people could save quite a bit of money. And by doing this, they can cut down on the amount of cash they splash before they even reach the airport and put the money towards treating themselves once they arrive.”

Date Created: 23 July 2014

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