Bank |

'Staycationers' pay over the odds

A great British holiday may have seemed like the best option for many families this year. However, those who have held back on their holiday plans would be wise to look further afield to make their money go further according to research from Tesco Travel Money. That is before the weather is even taken into consideration.

A third of Brits (34 per cent)* intend to spend less on their holidays this year, and for those holidaymakers that really want to see their spending money go further, Eastern European countries such as Hungary, Poland and Bulgaria offer the best bargains.

Holiday expenses (such as accommodation and car hire) for a family of four taking a week's holiday in Bulgaria would cost £1,038 compared to expenses of £1,490 in Brighton, UK. However, just seven per cent of Brits were planning to visit these non-Euro countries this year, while a third (34 per cent) intended to stay in pricier Blighty.

At the other end of the scale, holidays in Reykavik, Rome, and Nice will burn the biggest hole in people's wallets. Expenses for a week's holiday in Reykavik, Iceland would set a family back £2,602. Even holiday costs in popular destinations such as Spain and Greece will cost more than back in the UK.

A Tesco Travel Money spokesperson said, 

"Over the past three years, over a third of Brits have taken last minute holidays* and with their budgets stretched even further this year, this trend is set to continue. But those looking for a bargain break would be wise not just to look into the cost of travel but also the expenses they are likely to incur once they are there. There is a stark difference between eating out in Barcelona and Cyprus for example and if families really want to holiday on a shoe string then they need to do their research to really make their money go further."

Guide to holiday expenses**

Holiday expense Cheapest Most expensive
Accomodation Warsaw, Poland - £574.38 Reykjavik, Iceland - £1593.61
Car hire Brighton, UK - £203.25 Reykjavik, Iceland - £850.46
Meal at a cafe Limassol, Cyprus - £34.38 Barcelona, Spain - £86.00
Drinks at a cafe Dubrovnik, Croatia - £5.87 Nice, France - £16.20
Ice cream Dubrovnik, Croatia - £1.40 Brighton, UK - £8.00
Suntan lotion Reykjavik, Iceland - £3.85 Nice, France - £21.55
Zoo / theme park Sofia, Bulgaria - £3.51 Limassol, Cyprus - £51.58
Beach accessories Reykjavik, Iceland - £2.86 Ljubljana, Slovenia - £17.19
Souvenir T-shirts Dubrovnik, Croatia - £8.61 Nice, France - £86.18

 

Total costs for each holiday destination

Destination Total costs (£)
Reykjavik, Iceland 2,602
Rome, Italy 1,986
Nice, France 1,926
Dubrovnik, Croatia 1,831
Barcelona, Spain 1,800
Athens, Greece 1,496
Brighton, UK 1,490
Faro, Portugal 1,487
Limassol, Cyprus 1,356
Bodrum, Turkey 1,323
Ljubljana. Slovenia 1,294
Budapest, Hungary 1,229
Warsaw, Poland 1,085
Sofia, Bulgaria 1,038

 

One area where holidaymakers can make savings is by shopping around for their holiday currency, even if they are travelling at the last minute. However, currently less than half of Brits shop around for the best deal for their foreign currency (just 48 per cent)*** and more than a quarter (26 per cent) opt for convenience over rate.

A Tesco Travel Money spokesperson continues,

 "Getting a good rate on your foreign currency can make your holiday money stretch a lot further, and ensure you don't lose out on any savings you might have made by picking up a cheap break."

With Tesco Travel Money, consumers can pick up great value currency with their weekly shop, late night and on Sunday in one of more than 120 stores across the country, or request next day delivery online Monday to Thursday.

--ENDS--

For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

Notes for Editors:

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, and online at tesco.com/finance

For the convenience of home delivery, go online at tesco.com/travelmoney 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.

* Opinium Research carried out an online poll of 2,012 British adults from Friday 24th to Tuesday 28th July 2009. Results have been weighted to nationally representative criteria. www.opinium.co.uk

** Desk research undertaken by Purple Market Research, August 2009. Various holiday costs researched in European holiday destinations based on a family of 2 adults and 2 children travelling from the UK to various European holiday destinations. Based on the holiday period w/c 3 August (seven days, six nights).

*** 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