• Barbados and UAE cost Brits more than £100 per day in spending money
• Poland and India cheapest – just £30 per day average
• Busiest holiday week is 27 July when 2m Brits will jet off abroad
• One third of people make cutbacks to afford a summer vacation
British people visiting Barbados will feel a particularly nasty sting in their wallets this summer, having to fork out an average of £109 a day in spending money – not including the cost of a hotel – according to new research from Santander 1|2|3 Credit Card.
And with a direct return flight to the Caribbean island costing an average of £3,1362 – flying out on 27 July, the busiest week of the summer3 – a couple going away for two weeks could expect to pay around £12,9004 for their summer holiday, once accommodation is included.
Close behind as the second most expensive place is the United Arab Emirates, where British tourists can expect to pay £101 a day – on top of return flights costing an average of £617 – meaning a couple’s two-week break departing on 27 July could cost them £5,400.
And since 2010, the daily costs of visiting Barbados and the UAE have risen by an average of 36.5%, up from £79 per day in Barbados and £75 per day in the UAE.
By contrast, Poland and India are two of the cheapest places to go, with UK visitors spending an average of £30 per day in both countries.
Matt Hall, Director of Banking at Santander, said: “Flights and hotels are a major expense on their own, particularly for families travelling in the peak school holiday period, and that’s even before you get to your destination and have to pay for meals out and so on. Depending on where you're going daily costs could vary significantly, so bear this in mind when budgeting for your holiday.”
Additional research3 by Santander has found that more than two million people are expected to jet off overseas during the week of 27 July, the most popular week for people to go on holiday.
How we pay to go away
Sixty-four percent of Brits are planning a summer trip this year and when asked how they planned to pay for it, cash and current account funds were by far the most popular option (cited by 60%). Just under a third (30%) of those planning a summer holiday will dip into their savings, 18% will use a credit card and eight per cent will either take a loan or receive money from friends or family.
Matt Hall continues: “If you're looking to spread the cost of a holiday it’s worth considering paying by credit card. One of the main upsides to this is that your purchase, if it’s between £100 and £30,000, is protected by law should anything go wrong with your airline or hotel company, for example. This is called Section 75.”
Santander’s research also highlights the cutbacks many people have made in order to afford a break this summer. Over a third (36%) of all Brits will cut back on social activities such as meals out to help pay for their trip, while 19% will spend less on personal grooming.
Santander’s 1|2|3 Credit Card pays 1% cashback at supermarkets, 2% cashback at department stores and 3% cashback at petrol stations, National Rail and Transport for London travel. It is available from Santander branches, online and by telephone. For further information please visit www.santander.co.uk.
The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to Editors
Table 1: Most expensive countries for British people to visit based on average daily spend and % change 2010 – 2014
Source: Santander analysis of ONS Travel Trends 2014
Table 2: Most common cutbacks British people make to afford their summer holiday
Source: Opinium research for Santander
(1) ONS Travel Trends 2014. Spending money covers money spent in association with overseas travel and tourism, but excludes fares for travel to or from the UK. For example, food, drink, car hire, museum tickets etc.
(2) Figures sourced via Expedia.com on 30 June 2015 and assumed to be purchased on that date. Flight costs are economy return direct from London for two people.
(3) Research commissioned by Santander and conducted by Opinium Research 9-12 June 2015. Sample size 2,000+ UK adults.
(4) Total cost includes standard economy return flights for two, and four-star hotel accommodation.
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. It has brought real competition to the UK, through its 1|2|3 products for retail customers and relationship banking model for UK SMEs. As at 31 December 2014, Santander UK was the most switched-to bank, attracting 1 in 4 new retail customers. The bank serves more than 14 million active customers with c. 20,000 employees and operates through 921 branches and 66 regional Corporate Business Centres. Santander UK is subject to the full supervision of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) in the UK. Santander UK plc customers are protected by the Financial Services Compensation Scheme (FSCS) in the UK.
Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with a presence in 10 main markets. Santander is the largest bank in the euro zone by market capitalization. Founded in 1857, Santander had EUR 1.43 trillion in managed funds, 12,950 branches – more than any other international bank – and 185,400 employees at the close of 2014. It is the largest financial group in Spain and Latin America. It also has significant positions in the United Kingdom, Portugal, Germany, Poland and the northeast United States. In 2014 Santander made an attributable profit of EUR 5,816 million, 39% more than the previous year.
Jonathan Akerman email@example.com 020 7756 4190
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