Nearly one in four of the British public is trying (or will try) to spend less on their holiday this year. Of those saving money, 59% are choosing to holiday at home instead of abroad, according to a recent poll by R3, the insolvency trade body.
While those who have decided to venture to foreign waters, 71% are choosing less expensive accommodation, 66% are choosing a cheaper travel option and 60% are spending less money on eating out and activities once on holiday.
Frances Coulson, R3 President comments:
“It’s unsurprising that people are choosing to stay at home instead of holidaying abroad to cut down on their expenditure, given that we have seen consumers’ disposable income become squeezed as a result of inflationary pressures.
“Consumers who are cutting back are already having a significant impact on the economy, as the latest drop in retail sales revealed. The nation deciding to stay at home might provide the much needed boost to the UK economy, particularly in tourist areas and coastal towns where insolvency levels rocketed during the recession.”
R3’s research found nearly a third of Britains’ have chosen not to go on holiday at all, an increase from one in four (25%) people this time last year and those who are having a holiday this year, 5% will be borrowing to pay for it. They will borrow on average £1,581 and will take on average nine months to repay.