Tuesday 19 September 2017

Holidaymakers plan to spend €1,000 each

Charlie Weston Personal Finance Editor

HOLIDAYMAKERS will spend an average of €1,000 each while on foreign holidays.

HOLIDAYMAKERS will spend an average of €1,000 each while on foreign holidays.

And savvy consumers have been planning ahead for the big spend on their vacations, a savings survey indicates.

The €1,000 relates to spending on food, drink and entertainment while on holiday, but does not cover the cost of flights and accommodation. Around six out of 10 Irish people plan to take a summer holiday this year.

DISTRUST

Some seven out of 10 of those packing their bags with sun cream, swimming trunks and bikinis and heading off for a week or two have put money aside specifically for the trip, the latest savings survey from KBC Bank shows.

Almost one in three distrust the Irish weather and plan to take a sun holiday. Many sun worshippers plan to take a package holiday to a warm climate, with large numbers opting for a short-haul vacation.

Just one in six are taking the Government's advice to holiday at home, a development that is likely to be worrying for tourism chiefs here.

Those who have savings accounts are more likely to head off on holiday, indicating the security of having some money tucked away allows these people the luxury of a holiday.

KBC Bank Ireland director of retail banking Dara Deering said that the results show most people plan ahead.

"The day of the last-minute offer may not be dead but it is clear that Irish people budget for their holiday well ahead of time," she said.

She said 70pc of holidaymakers save specifically for their holiday, while only 20pc plan to use their credit card and a mere 5pc intend taking out a loan to pay for it.

CHILDREN

Spending on holidays goes up for those with children – to an average of €1,200. Single travellers spend around €800 on their holidays.

The survey throws up the interesting fact that those considered to be in high-spending social classes are set to spend slightly less than those considered to be in lower social classes, according to KBC Bank's survey.

Ms Deering said one of the defining factors in the amount spent on holidays is whether one is a long-term or short-term saver.

"Long-term savers will spend 40pc more and regular saving is higher among those going on a summer holiday," she said.

Irish Independent

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