Overseas holiday spend rises despite cost of living squeeze

People are budgeting more for their overseas holiday spending despite the impact of continued high cost strains, new Abta research reveals.

The average spend per person has increased since 2022, up more than £59 for an overseas short break and a rise of £231 per person for a longer holiday abroad.

The travel association found an average spend of £369 each during a short break, rising to £660 for a longer holiday.

Families with children aged over five are likely to spend the most on a short break, totalling £431. 

For those taking a longer holiday, the highest spend comes from travellers aged 55-64, spending £721 on average.

Visitors to all euro currency destinations this summer will see more for their money as the pound has increased against the euro by  2.1% and 65% against the Turkish lira compared with this time last year.

Abta Travel Money communications director Graeme Buck said: “People are spending more while on holiday overseas and that can’t just be put down to inflation. 

“Over the past two years, UK prices have risen by a total of 9.3% whereas overseas holiday spend is up by 54% for a longer holiday.

“Add in more favourable exchange rates for many holiday destinations, we see over the last few years that there has been a clear shift towards people spending the spare money they may have on holidays and creating memories that will last a lifetime.

“Some of those memories are made possible by having cash with you, meaning you don’t miss out on something simply through not having planned your foreign currency before you leave.”

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