Despite the current financial climate, the majority of UK holidaymakers are expecting to spend as much, or more, money while on holiday than they did last year.
According to a new survey by M&S Money, 32 per cent of Brits said they expected to spend more money while abroad in 2011 than they did while on holiday in 2010. Many of those who believed they would spend more this year cited rising inflation as the reason, and the average increase in holiday spending was £365 per person.
40 per cent of holidaymakers were slightly more cautious, saying they planned to spend the same amount of money as the previous year while combating rising prices by being careful not to overspend on their holiday budgets. Only 17 per cent said that they planned to reduce their expenditure while on holiday.
James Yerkess, head of travel money at M&S Money, was positive about the survey’s findings. “It is encouraging that although family finances have been squeezed by the economic downturn so many people are confident they will be able to maintain their holiday spending this year or spend even more,” he said. “While the rising cost of inflation means an increase in spending is inevitable for many, there are ways for the savvy holidaymaker to maximise their budgets.”
M&S Money listed a few tips alongside the results of the survey, advising travellers on how to best maximise their holiday money. They recommended that travellers should arrange their foreign currency in advance of any trip, and if looking on the high street, to choose a provider with a large number of different currencies available.