People are prepared to cut back on other items or activities to save money rather than forego their holidays.
Nearly twice as many UK consumers on a budget would sooner reduce eating out if they needed to save money, than they would cut back on their holidays (25% verses 13%), research findings published today reveal.
The study looked at popular activities and items people would be most willing to spend less on in order to save money and found that taking a holiday would remain one of the nation’s top spending priorities.
People would rather reduce the amount they spend on clothing and accessories (18%) and electronic gadgets (17%) over their holidays.
Leisure activities such as going to the cinema and concerts were activities people were least likely to cut back on (11%), according to the research for Abta by YouGov among more than 2,000 adults.
Alcohol, cigarettes and takeaway meals are all common items they would consider dropping to save money.
With 86% of the population saying they took a holiday either at home or abroad last year, people are still firmly committed to their holidays and many regard them as a necessity rather than a luxury, according to the study.
Of the age groups surveyed, 18-24 year olds are the most tied to their holidays with only 6% saying they would cut back on trips to save money. This is despite often being regarded as one of the age groups with the least disposable income.
Almost a third (31%) of the young age group said they would curb how often they eat out, five times more likely than cutting back on a holiday – another indication of how highly they value travelling above other leisure activities.
Similarly, 31% of people with children in their household are most likely to moderate their spending on eating out, compared to just 13% who would cut back on the amount they spend travelling the world.
Abta brand and business development director Victoria Bacon said: “We have always been a nation of people who enjoy taking holidays and it is clearly a spending priority for a lot of people, often overtaking other popular items and leisure activities.
“For those looking to go on holiday this year, but are a bit conscious of cost, then it’s really worth having a look at the deals and offers available at the moment.
“Many travel companies still have holidays left with free-child places or money off for summer breaks, and 60% of UK travellers say they booked a package holiday last year because it was the best value option for the price.”
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