According to latest research released by MasterCard Cash Passport, three quarters of travellers expect to spend the same or more on their main holiday this year compared to 2011, despite concerns over the Eurozone and the costs associated with travel.
Results from a YouGov survey commissioned by the prepaid travel money card, Cash Passport, show that two thirds of us are taking a summer holiday. Of these, one third (29 per cent) resolve to budget more for their holidays this year compared to 2011.
Two fifths (38 per cent) of 18-to-24-year-old holidaymakers are putting more money aside for spending compared to last year while one third of the over 55s are budgeting for an increase of up to 50 per cent on their holiday budgets.
As the strengthening pound means better exchange rates for those spending in Eurozone countries, less than one in ten (seven per cent) UK adults said they would be avoiding European holidays as a result of reported banking difficulties in destination countries.
Across the regions, only the south of England has a larger proportion of people budgeting to spend less on their summer holiday (31 per cent) compared to more (19 per cent), while Wales enjoys the largest percentage of people prepared to spend more on their holiday this year (37 per cent).
People in the East of England are expecting to spend 50 per cent more than they did last year, the highest proportion of all regions.
Jonathan Bennett, European sales director at Cash Passport, commented on the findings: “Faced with a difficult economic climate in the UK and elsewhere and perhaps even spurred on by the dismal weather so far this year, UK holidaymakers are staying positive about their main summer holiday and their expectations of getting away without worrying about bigger economic issues.
“For those going away but looking to tighten their belts and even those planning to spend more than last year, it remains important for people to be in control of their spending. Cash Passport customers can conveniently put aside their money and manage holiday budgets by using a prepaid card.”