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Brits willing to spend over £4,000 on dream holiday

While the economy continues to suffer, British people are dreaming of getting away from it all on a once-in-a-lifetime holiday. British holidaymakers would be willing to spend an average of £4,279 on their dream trip, while more than one in three would be willing to spend more than £5,000, according to new research from Tesco Travel Money.

However, it’s no surprise that one in five people would need to save for over two years to be able to afford their dream holiday; while over a third believes they will never be able to save a sufficient amount to go.

When it comes to planning the ideal holiday, family and luxury are the key factors. Around-the-world trip remains the number one choice among Brits (45%), although travelling to a unique location (26%), relaxing on a luxury cruise (21%), or staying in a five-star hotel (22%) also feature highly. While one in six would take the entire family with them on their travels, fewer than 5% would want to go travelling alone.

The research also shows that opinions differ as to the ideal time for a trip of a lifetime. Overall, half of all Brits (53%) cite wanting to see more of the world as the main reason they would want to take their dream holiday, however other reasons differ dependent on age. While 40% of youngsters (18-25) want to get away from the grind of daily life, a third of those over 55 would like to celebrate their retirement by going travelling. The research suggests that younger people would see a trip of a lifetime as a reward for hard work -  one in five would like to celebrate paying off their mortgage by heading off, while fewer than one in ten over 55 year olds agree.

Whether you are saving up for the trip of a lifetime or planning your summer holidays this year, Tesco Bank is encouraging travellers to make the most of their money abroad by shopping around for the best deal in foreign currency prices. Tesco Bank was ranked joint number one in-store and high street foreign currency provider as voted for by consumers in a recent Which? Survey (2 March 2013).

Doug Gowan, Head of Travel Money at Tesco Bank has this advice for those planning a holiday,

“The on-going difficult economic climate means that taking a holiday requires careful consideration and planning. It is hugely important to make sure your money is going the extra mile abroad and you are getting the best deal available on foreign currency. Shopping around for the best deal is essential as prices vary from one provider to another, and commission-free deals don’t always mean you are getting the best price”.

The financial difficulty caused by the continuing economic crisis and the increasing weakness of the pound is reflected in the fact that almost half of Brits take the value of their money abroad into consideration when making holiday plans, according to the research.

We offer Travel Money at competitive rates online and in 200 bureaux in Tesco Stores, seven days a week so customers can buy their travel money when they need to.

--ENDS--

For more information and media enquiries please contact:

Tesco Bank press office

+44 (0) 131 274 3630 

Notes to Editors:

Research was conducted by Vision Critical over 15th-18th March 2013 on a sample size of 2,000 GB adults

Tesco Bank was ranked joint No 1 in-store and high street foreign currency provider as voted for by consumers in a recent Which? Survey (2 March 2013).

About Tesco Travel Money:

  • We offer Travel Money at competitive rates online and in 200 bureaux in Tesco Stores.
  • Our bureaux are open seven days a week so customers can buy their travel money when they need to.
  • There’s no cash advance fee and no handling fee if you buy Travel Money at our bureaux using a Clubcard Credit Card.
  • Tesco Travel money is available online or over the phone or in store. Money can be delivered to the customer’s address or collected in store using the Click and Collect service. Exchange rates may vary depending on if you buy over the phone, online or in store.
  • Find out more at the bureau or online at www.tesco.com/travelmoney
  • Tesco Travel Money ordered online or by telephone is provided by Travelex Currency Services Limited. Registered no. 03797356. Tesco Travel Money ordered in store is provided by Travelex Agency Services Limited. Registered no. 04621879. Registered office for both companies: 65 Kingsway, London WC2B 6TD.
  • Travelex Cash Passport is issued by and remains the property of R. Raphael & Sons plc. Registered no. 1288938. Registered office: Albany Court Yard, 47/48 Piccadilly, London W1J 0LR

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. Our 4,000 colleagues serve our customers seven days a week from our three main centres in Edinburgh, Glasgow and Newcastle, and we are also available through online and mobile banking 24/7. 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

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