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UK holidaymakers splash out £265 before…

  • Kate Harden-England
  • 16 August 2024
  • 2 minute read
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This article was written by Travolution. Click here to read the original article

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69% UK holidaymakers have overspent on their pre-holiday expenses, with many having to cut back on key elements of their holiday as a result, according to new research from Starling Bank.

Holidaymakers say they spend an average of £265 to prepare for their holiday, with the number one expenditure being new clothes and swimwear. 

60% of holidaymakers typically purchased travel insurance, spending on average £89 before they travel and almost 68% spend an average of £121 on a new holiday wardrobe.

Getting that beach-ready look also includes beauty treatments, with over four in ten making sure to get a haircut beforehand, spending £44 on average on their trim. 

Meanwhile one in five opt for a pedicure or manicure – comprising 7% of men and 33% of women – at an average cost of £65.

60% of holidaymakers typically purchased travel insurance, spending on average £89 before they travel.

All this pre-holiday investment means that seven in ten holidaymakers admit to overspending ahead of a holiday. 

Among those who have overspent, 22% experienced the reality of missing out and had to limit their budget while away. 

Overspenders missed out activity such as eating out (38%) and excursions (25%) and 31% of them ended up staying in for the evening rather than going out.

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For those who weren’t going to let their manicures and haircuts get in the way of their holiday, over a third (35%) had to dip into their savings to compensate for overspending pre-holiday and nearly one in ten (8%) had to borrow money from friends and family to get by while away. 

Some 3% have even been left unable to afford to go on the holiday itself.

Among those who overspent and found it impacted their holiday, a third (32%) said it left them feeling annoyed, and three in ten (29%) said they felt silly for getting carried away.

However, among those who did take pre-holiday spending into account when budgeting for their trip, six in ten (60%) felt that they enjoyed the holiday more as they didn’t worry about running out of money. 

Over a quarter (27%) also had more money leftover to spend than expected. 

Among those who didn’t account for pre-holiday spending within their travel budgets, over a quarter (28%) said that they didn’t think these costs were significant enough to warrant budgeting for, 29% said that they simply forget about these costs, and 26% admitted to trying not to think about these costs in order to make the holiday feel cheaper.

Rachel Kerrone, personal finance expert at Starling Bank, said: “While it is easy to assume that these pre-holiday costs might not add up to much, our research shows that they can have a very real impact on your holiday. 

“Before booking a holiday, it’s worth having a think about everything you would like to spend on before your trip, and dedicate a specific Saving Space to these costs, just as you would save for the main holiday.”

Please click here to access the full original article.

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