Majority of holidaymakers to spend more in 2015
Of those planning to spend more in 2015, 34 per cent said it was due to upgrading to a more expensive destination. In addition to the cost of flights and accommodation, families will spend an average total of £560 per person – or £2,240 for a family of four – while on holiday this year. 10 per cent of families will spend more than £4,000. 24 per cent said this expected increase was due to going on a longer holiday, with 19 per cent planning to go away for more than a fortnight.
Hotels are the most popular accommodation for holidaying families, with 50 per cent planning to stay in a hotel; of those, 58 per cent are planning an all-inclusive hotel, compared to 42 per cent who said they would opt for a hotel without meals included. This was followed by self-catered apartments (23 per cent). 12 per cent planned to use a holiday home owned by family or friends.
Despite being aware of these costs, when it comes to planning their holiday spending money, 33 per cent do not make a budget and 13 per cent make a budget but won’t stick to it.
37 per cent find crafting an overall budget easier than planning their spending by day or week; nine per cent will make a daily budget, seven per cent will make a weekly plan.
52 per cent of families start shopping for holiday essentials, such as sun cream and sunglasses, a month or more before they depart. Just 15 per cent start shopping less than a week before departing.
Paul Stokes, head of products at M&S Bank, said: “For many, the family holiday is one of the highlights of the year, so it’s great to see that the majority of families are planning to treat themselves by spending a little extra this year, whether that’s upgrading to a more expensive destination or going away for longer.
“We would encourage families to plan a budget before jetting off to ensure they get the most from their travel money.”