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Brits spending £81 billion a year on holidays

26 January 2009 08:37

Brits spending £81 billion a year on holidays

Going on holiday is costing Brits a combined £81 billion each year, according to new research.

Research conducted by Abbey Savings has found that 62 per cent of Brits are spending their savings on a holiday, with 26 per cent saying that spending excess money to go on holiday is better than saving.

According to the research, Brits spend around £1,650 a year going on holiday and are advised to make sure a part of this is on travel insurance in case a flight is cancelled or luggage is lost.

Thus, £81 billion is spent by Brits to fund holidays, with £50.4 billion of this being done through money taken from savings.

Also, some 33 per cent of Brits felt that going on expensive holidays was one of their top three priorities.

According to Tom Hall, travel editor at Lonely Planet, many people still see a holiday as a "non-negotiable thing", despite other financial strains impacting their lives.ADNFCR-1320-ID-18739821-ADNFCR