According to reports that were released last week, UK travellers across the country increased their spending on holidays abroad in July despite the rising concerns surrounding the cost of living.
The reports were released by a UK banking society, highlighting the change in spending of their consumers in comparison to the same period in 2022. According to the statistics, flights and holidays both took financial priority over local essentials such as car finances in July 2023.
The amount that was spent on flights abroad “continues to significantly increase” in comparison with 2022, claimed the banking society. The total expenditure on flights by their consumers was up 33% in July 2023 from July 2022 with £79.2 million spent. The number of transactions also increased by 34% for flights alone.
Across all spending on holidays, including hotels, travel agents, package holidays, and cruises, a smaller increase of 6% was seen from this July to July 2022 with the total reaching £392.9 million across all travel consumers.
The total cost of spending by consumers was generally found to be 6% in July 2023 in comparison with 2022. However, the rise in spending is still reflected by a rise in concern surrounding personal finances and essential spending, this attention alone has increased by 62% in July.
A rise in essential costs has been found to affect rent, mortgages, insurance, and credit card repayments most significantly, at a 27%, 16%, 13%, and 13% increase respectively. Despite this, people have reduced their spending on fuel by 20% and on car finances by 13% in comparison with the same month in 2022.
So, if you’re looking forward to your next holiday, don’t wait, book now with a travel business registered with PTS for 100% financial protection through trust. Or, if you’d like assistance choosing one of the lovely PTS members to book with, you can contact PTS directly at 0207 190 9988 or check us out on Facebook, Instagram, or Twitter.
And if you’d like to learn more about your financial protection with PTS or how the Package Travel Regulations protect your holiday booking, check out our pages and Travel Advice.
