Friday, August 11, 2006
Category:
Secured Loans
New research by American Express Insurance has shown that the average amount spent by Brits on holiday is a significant £828.69.
The company polled 10,000 people regarding their spending habits while on holiday and found that once food and drink, excursions, entertainment and gifts were taken into account – the average amount spent was £828.69.
According to the firm's figures Brits are spending an average of £119.59 before the holiday has even got underway. In fact, 74 per cent of holidaymakers spent funds on maps and a guide book, 58 per cent splashed out on clothes and 53 per cent invested in a sharp new haircut.
During the holiday itself, food and drink expenditure accounted for the lion's share of spending with an average of £331.12, which was closely followed by the shopping budget with an average of £230.68.
Joanne Field, Marketing Manager, American Express Insurance Services, said: "The survey results have been very illuminating about our behaviour and attitudes to going on holiday. Few people would carry such large sums of cash with them in the UK, so it's surprising so many risk their cash when they travel abroad. The survey also showed whilst 60 per cent of us on a fortnight's holiday take more than £250, 40 per cent actually took more than £500 and 15 per cent took more than £1,000."
The figures show that the importance of holidaying builds up and sometimes unexpected spending can add up on holiday. Individuals who find that they have run up large credit card debts to pay for holidays might find that consolidating their debts with a
secured loan could help them manage their finances better in the long term. It is however important to remember that repaying borrowing over a longer term will increase overall interest charges.
