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Confidence in personal finances amongst Brits could provide a boost for the travel industry as those feeling "better off" choose to spend more on holidays.
A report of 2,000 respondents by Travel Money found that nearly a third of respondents will take extra cash abroad with them compared to just 12% who will take less.
73% of travel agents in the UK believe British holidaymakers will spend more cash this year than ever before.
Confident Brits
Simon Taylor, Head of Travel Money at Sainsbury’s Bank, said that consumer confidence is clearly increasing and when combined with the rise of the pound, Brits are no doubt planning to spend more of their money on holidays.
43% of the financially comfortable Brits who went abroad last year said they were planning on spending an average of £848 or more on the entire cost of their holiday.
Those who admitted to taking more money with them will add £157 to their purse while 15% will carry £100 or more and 80% will take £200 or more with them.
Only 14% plan on having a smaller budget this year.
Holiday finances aren't the only thing to increase either and one in three holidaymakers will spend an average of six additional days abroad this summer while 21% said they will be making full use of an all-inclusive package.
Some Brits were also keen to make the most of their money by taking advantage of money-off deals with four in 10 using special promotions or vouchers in a plight to save money.
A spokesman for Sainsbury’s Bank said that it was clear from the survey that British holidaymakers are no longer feeling the financial pinch and this is giving them greater freedom with their holiday cash.
If you’re thinking of going abroad this year, remember to book cheap travel insurance in advance
Date Created: 21/07/2015
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