No hols barred

More than one in three people (38%) are refusing to forego their summer holiday this year, despite money being tight, preferring instead to ration their daily treats in the run up to summer, according to new research from American Express Travellers Cheques.

Holiday makers are expecting to splash out £773 while on their break, in addition to the flights and accommodation. In order to fund this, spending on a new outfit (22%), that special meal out (21%) and an extra night in the pub (15%) are all being reined in ahead of the main holiday season so that Brits can spend in the sun.

It's not just small sacrifices that are needed; 13% of people are delaying a major home purchase, such as a TV or sofa, and scruffy garden furniture will be dusted off again in early summer as one in ten people are put off buying new items until after their precious two weeks away.

Those in the North of Scotland are least likely to be feeling the summer pinch. Indeed, despite having the highest estimated holiday spend of anywhere in the UK, £1,231, they also have the highest proportion of people who say they won't need to make any sacrifices in order to fund their holiday, (38%). Those in the South West will be most frugal, spending an average of £644.

Meanwhile, those aged 35-44, possibly with young children to amuse, are the biggest spenders whilst on holiday, expecting to spend 50% more than 18-24 year olds - £1054 and £520 respectively.

16 May 2008 © Moneyextra.com

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