Families are loosening the reins on their travel budget and spending longer on holiday, new research by M&S Bank has revealed.
Their figures showed that not only has the average family boosted the amount of cash they splash on their annual holiday by £281 year-on-year to a figure of £1,937, they are also spending an average of 11 days enjoying their stint abroad.
And to make their holiday experience even more enjoyable, holidaying families are also set to top up their travel budget to the tune of £612 per person - this is on top of the cost of flights and accommodation. The largest area of spending is on eating and drinking for almost half (47%) of those questioned. This was followed by entertainment and excursions for 23% of families, while a further 10% found their holiday budget swallowed up by transfers to and from the airport.
Explaining why they have been prepared to up their travel money in 2014, just over half (53%) of holidaymakers revealed that this is simply because they wanted to treat themselves. For just under a third (32%) freeing up more holiday cash was down to the fact that they planned to spend longer on holiday. Further figures revealed that almost a quarter of travellers (24%) don’t make a travel budget, and of those who do, women and more likely to crunch the holiday numbers than men (80% against 73%).
Commenting on the findings, and offering a few words of money saving advice to holidaymakers, Paul Stokes, head of travel money at M&S Bank, said: “The family holiday is one of the highlights of the year and our research suggests that many families are planning to treat themselves by spending a little extra this year. We would encourage families to plan a budget to ensure they have the best possible holiday.
Date Created: 19/08/2014