According to the new Holiday Spending Report from Post Office Travel Money, 80% of UK holidaymakers now rate their safety abroad as the single most important factor in holiday destination choice.
However, while cost remains a key factor, the research found that two-thirds of UK tourists bust their budget once they get to their holiday hotspot - overspending by an average of 26. A total of 79% of those surveyed said the cost of getting to a resort influenced their destination choice and 72% voiced concerns about resort costs, with almost half (47%) citing the value of sterling as an important element in choosing where to holiday. Also, three-in-five (59%) rated package holiday price discounts as important.
Despite these cost concerns, while almost four-in-five (78%) of holidaymakers set a budget for their last trip, only a third of them stuck to it. On an average budget of £747 per couple, the research found that the other two-thirds spent £195 more than they intended - adding up to a collective overspend of £1.55billion.
The company’s Andrew Brown said: “The best way to ensure your trip is good value is to do your homework by comparing our barometer costs and choosing a resort where living costs are low. There are other ways to save travel spending cash before you leave home too. Changing pounds into foreign currency in advance will give you more cash than if you leave it until you get to airport departures. What’s more, if you take enough cash to see you through, a higher value transaction gives Post Office customers access to better rates.”
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