Travelling overseas can present a substantial financial commitment, and it appears that UK holidaymakers are feeling the financial strain more acutely than ever. Recent research conducted by the Post Office has demonstrated a significant increase in the prices of popular purchases such as ice creams and drinks, catching many Britons off guard.
According to the Post Office’s holiday spending research, the disparity between the anticipated daily budget of British holidaymakers and their actual expenditure has reached its highest level in the past decade. Three-quarters of those surveyed set an average budget of £334 per person for their most recent holiday. However, only one-third managed to adhere to this budget, with the remaining individuals overspending by an average of £155 per person. Families were even more significantly impacted, overshooting their budget of £566 by an average of £312.
The report additionally underscored the implications of the cost of living crisis, with many holidaymakers opting for all-inclusive packages as a means of managing their expenses. However, it was noted that certain resort hotels have reduced the inclusions within these packages, resulting in a fourfold increase in the number of individuals paying extra for meals and drinks.
So, how can holidaymakers avoid falling into the trap of overspending while travelling? Laura Plunkett, head of travel money at the Post Office, suggests establishing budgets based on previous experiences and seeking guidance from individuals who have visited a destination, as their insights are likely to be more dependable than those without direct knowledge of the country.
In order to maximise their holiday budget, Plunkett advises travellers to plan ahead and be mindful of their expenses. Furthermore, being cognisant of the potential costs associated with dining out and purchasing food and beverages at supermarkets can help avert unforeseen overspending.
The research also yielded insights into the perceived value for money of various destinations. Greece emerged as the top destination among past visitors, followed by Spain and Portugal. The significance of gathering information from individuals with firsthand experience of a destination was also emphasised, as their insights were found to be more dependable than those of individuals who had not visited the countries in question.
As the cost of living crisis continues to impact holiday spending, it is imperative for travellers to take proactive measures to manage their budgets and make informed decisions. By dedicating time to planning and obtaining reliable information, holidaymakers can relish their trips without the burden of overspending.