Younger Brits head for the sun as families feel the holiday pinch
19 August 2010
Despite the economic downturn having hit many people hard, with pennies having to be saved in every direction possible, a new report from Tesco Travel Money reveals a vast disparity among UK adults when it comes to holiday planning in 2010.
It is the younger holidaymakers in the 18-34 age bracket who are prioritising holidays the most with 39% planning to spend more on their holidays this year. By comparison, the family group of 35-54 year olds are feeling the holiday pinch and a quarter of this group don’t plan to take any holiday at all this year.
Asked about the impact that the recession has had on their holiday plans for 2010, over a third (36%) of those aged under 34 were felt that they deserved a holiday this year and only 16% felt that they had to cut back on their holiday plans this year as a result of the recession. This compares starkly with the 34-55 age group, where over a quarter plan to make holiday cut backs this year as a direct result of the recession.
Overall, Brits are planning on taking an average of ten days of holiday this year. The younger generation plan to take fewer days holiday than the average at just under nine days but they clearly plan to make the most of these days. They are the generation most likely to travel long and medium haul, rather than staying in the UK or Europe. They are also the most likely to book an all inclusive trip with a fifth taking this option and are the most likely to upgrade with 16% intending to book a higher star rating hotel compared with last year.
While younger travellers are this years big holiday spenders, the report further revealed that it is in fact holidaymakers in Northern Ireland who are among the most adventurous. They are the most likely to visit Africa (9%) and are second only to London for holidays planned to Asia and the US.
With holidays now feeling like an entitlement to many UK adults, spending more money has become commonplace as one third (32%) of people are planning to spend more on their breaks this year (including travel and accommodation) compared to last. Three in ten (29%) adults are also planning to take more holiday spending money than last year.
Tesco Travel Money’s research also reveals that one quarter (29%) of people plan to go on holiday in the eurozone, in part to take advantage of the sterling’s recent rise against the euro. It also showed that across the board, self-catering holidays (35%) have proved to be the most popular choice as people have leniency to spend their money however they see fit, and one fifth (14%) of people say that they would choose to go all inclusive when on holiday to truly relax on their break.
John Howells, Head of Travel Money at Tesco Bank said,
“Despite ongoing financial pressures for many people, it seems that holidays are being seen as a well deserved reward by many in 2010. There is however a clear divide between UK adults this year, as the core family age group plans to make more cutbacks while the younger generation plan to make the most of the break that they plan to take.
“If you are going abroad this year, it is important to make sure that your holiday spending stretches as far as it can and it’s essential to shop around for the best rate on your currency.
“In the unlikely event that you find a better exchange rate at another ‘high street’ bureau-de-change, Tesco Bank will match it, so you can buy with confidence at Tesco.”
With Tesco Travel Money, consumers can pick up great value currency, travellers cheques or pre-paid travel cards with their weekly shop, in the evenings and on Sundays in one of more than 130 stores across the country. Alternatively, customers can order by 2 pm Monday to Thursday, for next day delivery via our call centre or online.
For more information and media enquiries please contact:
Tesco Bank press office
+44 (0) 131 274 3630
Tesco Bank’s goal is to make banking and insurance easier and better value for people who shop at Tesco. Tesco Bank participates in the Chartered Banker Professional Standards Board.
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