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Holiday Makers Spend Additional £365 When Abroad

New research has found that almost a third of holiday makers think they are likely to spend more money whilst abroad this year, despite the difficult financial climate.

M&S Money found that 32% of people traveling away will spend, on average, an extra £365 each. This figure includes meals out, alcohol, entertainment, attractions, taxis and souvenirs. It does not cover flights or accommodation though. Many believe this is down to the rising cost of living and inflation.

“It is encouraging that although family finances have been squeezed by the economic downturn, so many people are confident they will be able to maintain their holiday spending this year or spend even more, “said James Yerkess, Head of Travel Money at M&S Money.

“While the rising cost of inflation means an increase in spending is inevitable for many, there are ways for the savvy holidaymaker to maximise their budgets. "

Despite rising prices, many holidaymakers are trying their hardest to keep within a holiday budget. 42% of those surveyed believe their will spend the same amount as last year.

Surprisingly, 17 % went on to say they believe they will actually spend less on holiday this year than previous years. Those planning on spending less money believe that they will cut their spending by an average of £326. Having less cash to spend is the simple reason behind spending less.

The research found that 44% of those splashing out on holiday are likely to spend the majority of their money on eating out. One in ten are planning on splashing out on excursions such as a fishing trip or diving experience.

This extra spending figure does not take into account the charges made be mobile phone operators. The cost of making calls and sending texts messages abroad can cost, on average, £149 per person.