Brits continue to spend lavishly on holidays, despite cutting back on everyday luxuries, new research shows.
RSM studied the spending habits of more than 2,000 Brits and found that around 51% would describe themselves as ‘cost-conscious’ buyers.
The survey found that Brits have become conscious about spending when it comes to paying out on beauty, technology, homeware, clothes and eating out.
However, over a quarter of all respondents, across a number of generations, said that they had increased their spending on travel over the last 12 months, while the same number are planning on spending more in the coming year.
Ian Bell, Partner and Head of Travel and Tourism at RSM, believes that while consumers are reducing their overall spending, people still want to spend big on brag-worthy experiences.
The research shows that travel continues to be a priority among Brits, despite growing economic pressures affecting other areas.
“The summer holiday remains sacrosanct – they're effectively ring-fenced, and it is during these holidays that consumers will have the propensity to spend more, come what may,” explained David Taylor, managing director of Neilson Holidays.
“Whereas winter holidays remain more discretionary and vulnerable to the cost-conscious, particularly in times of austerity.”
Thousands of people are expected to book their holidays for 2018 over the next few weeks, as studies show that people like booking in January so they have something to look forward to.
Greece and Cyprus are expected to be the most popular short-haul destinations, while travel operators, such as Thomas Cook, expect bookings to Cuba and Mexico to perform well among those looking for somewhere further afield.
Thomas Cook UK Managing Director Chris Mottershead said: “Going back to work after the extended Christmas break can be tough enough but combined with the stormy weather it's no wonder Brits want something to look forward to.”
If you’re planning on booking a holiday this year, make sure you organise your travel insurance in advance. Get a quote today!
Date Created: 11/01/2018