During their holidays, the British spend their extra money, with travel and getaways being the top priority in discretionary spending for households across the United Kingdom.
A recent survey revealed that almost half (46%) of respondents spend the money they have left over after covering their needs and expenses on vacations.
This puts vacations significantly ahead of other popular choices, such as spending on clothes, shoes, and accessories (35%), food and drink outside the home (33%), and home and garden renovations (32%), followed by leisure activities at 25%.
The participants in the survey were able to choose up to three spending preferences.
The research, conducted on behalf of Travel Counsellors, found that even respondents who consider themselves “disciplined” when it comes to saving and rarely treat themselves, consider holidays a priority, with nearly two-fifths (39%) agreeing.
When asked about broader financial goals, almost a quarter (22%) of respondents said their main ambition was to have enough money to travel the world, while only 7% mentioned significant life milestones, such as marriage.
Nearly three-quarters (71%) of respondents had taken a vacation in the past 12 months.
About one-third (34%) of respondents estimate that they will spend more on vacations this year compared to last year, while 56% plan to spend about the same amount and 9% intend to reduce their spending.
While people usually spent between £501 and £1,000 on a single holiday trip last year, those who earn over £120,000 spent £9,501 to £10,000 on a single trip.
The research also found that the most popular luxuries on vacation for the British are local shopping and buying souvenirs, luxury accommodation, drinks in picturesque places or bars with a view, and meals in luxury or famous restaurants.
Steve Byrne, managing director of Travel Counsellors, said: “Our latest data shows that people don’t just dream of holidays – they plan them, save money and spend to make them happen. This shows us that traveling is not just an opportunity for rest, but an experience, an opportunity for acquaintances and memories that have real meaning.”
The research was conducted by Censuswide among 2,000 people across the United Kingdom in June.
