15.8 million Britons overspend on holiday. On average, holiday-goers will overspend by £172.30. Food and eating out accounts for over three quarters of overspending.
Whilst three quarters of us (73% or 36.7m people) head off on holiday with a budget for spending-money, four in ten (16 million Britons) overspend once we are there, new research by budgeting account provider thinkmoney suggests.
Holiday-goers will overspend by, on average, £172.30. Men appear to be worse at sticking to the holiday budget, overspending by an average of £29.20 more than women.
It seems that food and eating out account for the biggest chunk of unexpected spending, with more than three quarters of overspenders blaming dining for going over budget.
The top five reasons for overspending are:
- Food/eating out (77%)
- Drink (42%)
- Activities/days out (41%)
- Souvenir shopping (32%)
- Treats for the kids (28%)
Whilst men are much more likely to overspend on drink than women (53% compared with 35%), women are more likely to overspend on souvenirs (37% compared with 26%).
Unexpected travel costs seem to catch men out more than women, with men being twice as likely to be caught off guard by them.
When it comes to age, the worst ‘offenders’ appear to be the 45-54 year-olds, who overspend by an average of £197.60. 18-24 year-olds on average overspend by £64.20 less (just £133.40).
Younger holidaymakers are more likely to blow the budget on partying: more than twice as likely to overspend on evenings out as 35-44 year-olds and 45-54 year-olds, and more than five times as likely to overspend in this area as 55-64 year-olds.
Over 10 million will jet off without a budget at all, and it seems the older you are, the less likely you are to budget for holiday spending. 80% of youngsters aged 18-24 will go away with a budget, compared with only 64% of people aged 65+.
Ian Williams of budgeting account provider thinkmoney commented: “It’s great to be able to relax while you’re on holiday, but it’s alarming to see that so many of us don’t stick to our budgets when we’re away.
“Overspending can mean a real crash back down to reality after a break, and often makes coming home that bit more stressful.
“You can soften the blow to your wallet by making sure you stick to your budget and save up for any unexpected costs that might catch you off guard.”
Consumer Intelligence research carried out a survey of a representative sample of 3,425 UK adults from 5th – 11 th July 2013. Figures have been extrapolated to fit ONS 2013 population projections of 50,371,000 UK adults.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
