UK Consumers spend more in Europe
Brits are leaders in holiday spending stakes
British visitors are the biggest spenders across the six Mediterranean Rim countries (France, Greece, Italy, Portugal, Spain and Turkey), accounting for 16.7% of total spend.
Data from Visa Europe reveals that the foreign consumer spending of UK tourists visiting France, Greece, Italy, Portugal, Spain and Turkey increased by 10.8% year on year between May and August 2014.
The figures are based on the year on year comparison between May and August, and reveal an increase from €13bn in the 2010 period to €14.4bn this year.
The British foreign consumer spending leadership in these six countries is followed by France (€2.01bn) and the USA (€1.21bn). Additionally, figures reveal that visitors from Russia registered the largest year-on-year increase in spending, rising from €534m in 2010 (May to August) to €743m in 2011 - a 39.2% year on year rise.
Still spending, just not as much
Despite heading the list of overseas spending, data shows that the level of spending by Britons actually fell by 0.9% from May to August between 2010 and 2011. The UK is, alongside Belgium, the only country that has actually decreased its overseas spending.
With the euro-zone being less convenient than it used to be for sterling users, British holidaymakers should travel to destinations where they can make the most of their money.
The recent ‘Long Haul Report’, produced by Post Office Travel Money, said that Brits travelling long haul should consider heading to destinations including Sri Lanka and Thailand.
The cheapest long haul destination is Sri Lanka, with prices down by a third. The drop in prices has made Sri Lanka 38% cheaper than Thailand, which is its nearest rival on the list of long haul value.
These two Asian countries are closely followed by Vietnam and Mexico, also considered ideal destinations for budget-conscious travellers.
Using travel money cards when abroad is also a good recommendation in order to avoid overspending or paying hidden fees for credit card usage. Have a look at these three travel money cards with free ATM charges.
Holidaymakers choose Europe over long-haul destinations
Brits are set to travel a little closer to home for their holidays this year, as the high price of long-haul flights rules out exotic travel.
A study by Post Office Travel Money has found that distant locations are amongst the cheapest, but this saving is offset by the high price of long-haul flights.
The annual Travel Money Report found that Sri Lanka was the best value destination in the world, offering tourists a bargain on many holiday essentials.
At £27.95 for eight items, including dinner for two with wine, Sri Lanka was found to be 26% cheaper than runner up Spain.
But given the proximity of Spain to Britain, most British holidaymakers will be taking a financial decision on where they choose to visit.
“From the holiday research poll the following became clear what holiday makers wanted at the top of their list which was affordability. UK citizens still consider holidays a high priority as they have worked hard for it but know at the end of the day it is all about affordability and keeping within budget hence why multi currency cards have become a perfect tool to start saving for holidays,” said Raffick Marday from Compare Money Transfer .
“Holiday seekers are looking carefully at the money left every month in the wallet before they commit to holidays in the sun plus spending more time searching and waiting for the best deal to suit their budget.”
Places closer to home are due to be the holiday destination of choice for British travellers, especially as the sterling has strengthened against other European markets.
British holidaymakers use a range of methods to try and save money when going abroad, as a holiday is still seen as a priority in these hard financial times.
One method is by using prepaid currency cards, which can offer the same features of a credit card but with added security.