Britons are planning to spend more money on their holidays abroad despite the impact of ongoing high cost of living pressures, new research from the Association of British Travel Agents (ABTA) reveals.
The average spend per person has increased by 2022 to over £59 for a short break abroad and by £231 for longer holidays abroad.
The travel association found an average spend of £369 per person during a short break almost doubled to £660 for longer holidays.
Families with children over the age of five are likely to spend the most money on a short trip, totalling £431.
For those taking longer holidays, the highest spenders are from travelers aged 55-64, who spend an average of £721.
British travelers to all euro-currency destinations this summer will see their money get more value as the exchange rate of sterling against the euro has risen by 2.1% and 65% against the Turkish lira compared to this time last year.
Commenting on the findings of the survey, ABTA Travel Money communications director Graeme Buck said: “People are spending more when they holiday abroad and this can’t just be attributed to inflation. Over the last two years, UK prices have risen by 9.3% overall, while spending on longer holidays abroad has increased by 54%. Add to this the more favorable exchange rates for many holiday destinations and we see in recent years that there is a clear shift towards people spending their spare money on holidays and creating memories to last a lifetime.”
“Some of these memories are achievable by carrying cash, which means you won’t lose anything because you simply didn’t plan your foreign exchange before your trip,” Buck added.
