UK Holiday Spending Abroad Increases as Pound Strengthens

By Ivan PetrenkoMay 18, 2024 10:30 AMNews
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Beach setup with a hat, book, camera, sunglasses, and drink
Increased spending reflects the UK’s strengthened pound. Source: unsplash

As the summer holiday season kicks off, new research from ABTA Travel Money highlights an increase in overseas spending by UK holidaymakers. Despite the ongoing high cost of living, UK travellers are allocating more budget for their holidays, with an average spend of £369 for short breaks and £660 for longer holidays.

The average spend per person has risen significantly since 2022, with short breaks up by over £59 and longer holidays seeing an increase of £231 per person. Families with older children tend to spend the most on short breaks, averaging £431, while travellers aged 55-64 are the highest spenders on longer holidays, averaging £721.

This summer, visitors to Euro currency destinations will benefit from a stronger pound, which has risen by 2.1% against the Euro and a substantial 65% against the Turkish Lira compared to last year. ABTA Travel Money advises holidaymakers to buy local currency in the UK to avoid costly ATM and bank charges abroad and to ensure they have cash for small vendors and taxis where cards may not be accepted.

Graeme Buck, Director of Communications for ABTA Travel Money, emphasizes that the increased holiday spending is not solely due to inflation. He notes that UK prices have risen by 9.3% over the past two years, whereas overseas holiday spend has increased by 54% for longer trips. Favorable exchange rates have encouraged people to spend more on creating memorable holiday experiences.

Overall, the trend indicates a shift towards prioritizing travel and experiences, with many UK holidaymakers planning to make the most of their vacations by spending more money. This increase in spending is a positive sign for the travel industry, suggesting a strong summer season ahead.

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