Britons driven by cost when booking a holiday – and 15% cannot afford a break this year

7th July 2014

With the holiday season fast approaching new research from Clydesdale Bank and Yorkshire Bank has underlined that the UK is driven by cost when booking a summer break.

For almost a quarter, at 24%, their choice of holiday is primarily based on price while a further 27% would book somewhere unusual if it would save them money.

Others choose an alternative option to help them budget more effectively with almost a fifth,18%, opting to book an all-inclusive break so they know exactly how much they will spend and a further 12% always waiting for a last minute deal.

The UK holiday industry is worth around £27bn per year with an average spend of £1,027.72 per person on a summer holiday every year and the research revealed that 85% plan to book a holiday in 2014 with just 15% of those surveyed stating that they can’t afford a break this year.

Of those planning a holiday 14% book as far in advance as possible to allow them to spread the cost and help them to manage their finances.

The focus on holidays varies around the UK with a third of those surveyed in Wales not planning a holiday compared to just 8% of those in London who won’t take a break in 2014 as they can’t afford it.

Regional Breakdown of those who can’t afford to go on holiday:

Region Percentage who can’t afford to go on holiday this year
Wales 33%
South West 27%
North West 16%
UK average 15%
South East 15%
Midlands 13%
Yorkshire 13%
North East 12%
Scotland 11%
East 11%
London 8%

 

Andrew Pearce, retail director for Clydesdale and Yorkshire Banks, says: “Our research has found that holidays remain a top priority this year with 85% of those surveyed planning on heading off on a break in 2014.

“Inevitably our findings have shown that finances play a key part in selecting a break and underlined the importance of budgeting whether holidaying at home or abroad. At Clydesdale and Yorkshire Banks we can provide advice and support in managing your money and helping you save for your dream holiday.”

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