Over 11 million Brits Could Save £1k Giving Up Package Holidays
The number of Brits booking package holidays is set to increase to 13.5 million in 2023/4 as the tourism industry steadily returns to pre-pandemic levels (and beyond!). However, are package holidays really the most cost-efficient way to travel? And how much money could Brits save by opting for more staycations next year? MoneyTransfers.com investigates.
We’ve certainly seen an uptick in tourism and international travel this year as the world recovers from two years of lockdown, and for many families in the UK, that means booking package holidays to enjoy a few weeks abroad.
However, with new booking engines and online systems making it more convenient and cost-efficient to book a trip abroad independently, we feel it’s our duty to highlight to UK households the costs involved in package holidays – and how much one could save by eliminating them from your budget altogether.Jonathan Merry, CEO of MoneyTransfers.com
How Much Do Brits Spend On Package Holidays?
The latest data from the ONS shows that the average weekly expenditure on package holidays in the UK is £21.30, which equates to £1,107 annually or £92.25 monthly.
Calculations from Nimble Fins predict that this expenditure will have increased to around £137 per month in 2022 considering the rise in inflation.
|2020 – 2021 Financial Year||Weekly||Monthly||Annually|
|Package Holiday Average Expenditure||£21.30||£92.25||£1,107|
Average Package Holiday Spend By Region
The average weekly household expenditure on package holidays in the UK is £21.30 per week, or £1107 a year. The highest spend comes from the South East, at £30.20 – with £28.40 of that spent on package holidays abroad. In contrast, London spends the least on package holidays in the UK, with a weekly spend of £16.30.
|Package holidays||Package holidays in the UK||Package holidays abroad|
|Yorkshire & The Humber||20.80||1.20||19.60|
How Many Brits Go On Package Holidays?
Approximately 12% of Brits surveyed had booked a package holiday over the last year (2022), with those aged between 65 and 75 having the highest average expenditure on this form of holiday. In addition, 15% of British consumers booked an all-inclusive holiday in 2022 – which is a 3% drop compared to the same survey in 2019.
The number of people booking package holidays is expected to increase to 13.5 million in 2024 – rising from approximately 8.4 million people in 2021.
How Much Could Brits Save By Not Going On Package Holidays?
Households could save up to £1,107 a year by not going on package holidays at all. For many families, that’s half their energy bill for the entire year. However, some households (fairly!) work hard and want a holiday every once in a while in return!
Brits considering swapping out package holidays with a self-booked holiday could save more depending on where they are planning to go. However, even then, the costs of an Airbnb have risen dramatically in recent years as demand increases,
Research has previously shown that a staycation can be over £900 cheaper than international holidays, so Brits looking to save more over the next year might look inwards at UK destinations instead of international travel.
Overall, the balance to be struck is certainly deciding what’s a bigger priority for your lifestyle. For many families, putting hard-earned money towards a holiday abroad is an essential and much-anticipated part of their budget that won’t be sacrificed. However, for those looking to save more next year, focusing on lower-budget staycations could be a cost-effective move.