Bank |

Have tea - Will travel

  • A suitcase of tea bags and cereal for one in three (33%) bargain hunting holidaymakers
  • A third of all holidaymakers are cutting back on their spending this year
  • Eating in is the new eating out with a third (33%) opting for self catering
  • And half (54%) cutting back on all food and drink costs whilst away
  • One in seven holidaymakers spending just £100 per person per week

It's not just British food lovers who will be lugging suitcases of grub with them on holiday this year rather than tasting the local cuisine. Research from Tesco Travel Money* reveals that even the average holidaymaker will do what they can to save a few pounds. Aside from cutting back on eating out, entertainment and shopping, taking holiday essentials like food and drink tops the list of money saving initiatives for 2009 holidaymakers.

Research by Tesco Travel Money amongst 2041 adults* reveals that, whilst 25 million of us still intend to go on a holiday abroad this year, a third (34%) intend to spend less or significantly less once they arrive at their destination. On average we aim to bring our holiday spending money in at a budget of just over £400 each per week. Six in ten expect to spend under that amount, half of us under £300 and one in seven (15%) aim to spend £100 or less. Women are the most budget aware, planning to spend £380 on average and nearly one in five women (18%) plan to spend £100 or less a week whilst abroad.

Eating in is set to be the new holiday trend as more than half of us (54%) aim to cut back on the amount we spend on food and drink out. A third (33%) of holidaymakers will be opting for self catering because they believe it will be cheaper. Four in ten (39%) say they will spend less on entertainment and go out less to bars and clubs.

A Tesco Travel Money spokesperson said,

"The trends at home look likely to be mirrored in our holidays abroad with people quite happy to swap their nights out for a holiday-home cooked meal. This means that holidaymakers may need to sacrifice a few glad rags to make room in their suitcases for essentials like tea, coffee and cereals as saving through a self catering break becomes a popular choice."

One area where all overseas holidaymakers are failing to make savings is with their holiday cash. Less than half shop around for the best deal for their foreign currency (just 48%) and more than a quarter (26%) go for convenience over rate.

A Tesco Travel Money spokesperson said,

"Getting a good deal on your foreign currency can make your holiday money stretch a lot further so it makes sense to shop around. Our research shows that over a third of holiday makers still head to their high street bank or travel agent and one in five use cash points abroad for the majority of their holiday spending money, so they're still really missing a trick. With Tesco consumers can pick up great value currency with their weekly shop in one of more than 120 stores across the country - so it really couldn't be easier".

Tesco Travel Money is commission-free and is available at bureaux de change at over 120 Tesco stores, seven days a week, around the country, by phone on 0845 600 66 67 and online at www.tesco.com/finance.

For the convenience of home delivery, go online at www.tesco.com/finance to receive Travel Money to the comfort of your own home. To help holidaymakers budget, they should also consider mixing their purchase of currency with a cash passport. At any of our in store bureaux, you can load €uro or US Dollars onto a card - so you can add a little on each time you shop.

--ENDS--

For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

Notes to Editors:

*Opinium Research carried out an online poll of 2,041 British adults from Friday 24th to Tuesday 28th April 2009. Results have been weighted to nationally representative criteria. www.opinium.co.uk

About Us:

Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. We’ve been around since 1997 and today we help more than 5 million customers manage their money every day. Tesco Bank participates in the Chartered Banker Professional Standards Board.

Tesco Bank is a trading name of Tesco Personal Finance plc. Registered in Scotland No. SC173199. Registered Office: 2 South Gyle Crescent, Edinburgh, EH12 9FQ

You may also like