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Younger Brits are flashing the cash while on holiday abroad, according to a new report by the Holiday Conference Index (HCI).
The research found a rise in confidence since the summer of the General Election when holiday spend dipped to its lowest since the survey of more than 5,000 UK adults began in 2013.
Splashing the cash abroad
However, things have changed, with the super-confident 25-35 year olds spending more money than ever before – increasing the HCI score from 47 in July 2015 to 49.
With more disposable income to splash out with, this age group seems to be leading the way when it comes to spending their hard earned money on international holidays.
According to the Winter 2015 Holiday Confidence Index report, 62% or 25-34 year olds were planning to travel abroad in the next 12 months, with 59% saying they will be taking two or more holidays abroad in the coming year.
Meanwhile, this age group weren’t only keen to see the world, but also to spend their money; increasing the amount they are willing to pay to book their holiday – by 13% compared to the average of 10% - and the amount of spending money they will be exchanging by 11%.
A “hard core intent” to holiday abroad
In fact, holidaying abroad has become so important to Generation Y that 58% are willing to cut their spending in other areas of their lives to protect their international trips.
Interestingly, the millennials; those aged 18-24, are more likely to tighten their wallets when it comes to spending their cash abroad. With 11% saying they will spend even less on booking their trip away, while 7% said they will take less spending money and 9% will try to spend less while on holiday.
Alistair Rennie, Head of Strategy and Innovation at First Rate Exchange who conducted the survey, said this report highlights that there is a “hard core of people intent on travelling abroad” for their annual holidays.
If you’re thinking of travelling abroad this year, don’t forget your last minute travel insurance.
Date Created: 02/11/2015