Press Release

14 August 2015

More than half of holidaymakers plan to spend more in 2015

  • Families intend to spend £1,878 on their main holiday this year
  • 34 per cent are planning to upgrade to a more expensive destination
  • Holidaymakers are planning to take £560 spending money, per person

Research* from M&S Bank reveals that the average family of four intends to spend £1,878 on their main holiday this year (not including spending money), with more than half (57 per cent) of holidaymakers saying they will spend more than they did in 2014. One in ten (10 per cent) will spend more than £4,000.

Of those planning to spend more in 2015, more than a third (34 per cent) said that it was due to upgrading to a more expensive destination or going on a longer holiday (24 per cent); nearly a fifth (19 per cent) are planning to go away for more than a fortnight.

Hotels are the most popular accommodation for British holidaymakers, with 50 per cent planning to stay in a hotel; of those, 58 per cent are planning an all-inclusive hotel, compared to 42 per cent who said they would opt for a hotel without meals included. This was followed by self-catered apartments (23 per cent). More than one in ten families (12 per cent) planned to use a holiday home owned by family or friends.

In addition to the cost of flights and accommodation, families will also spend a total of £560 per person - or £2,240 for a family of four - while on holiday this year.

Despite being aware of these costs, when it comes to planning their holiday spending money, a third (33 per cent) do not make a budget and more than one in ten will make a budget (13 per cent) but won’t stick to it.

The key to successful budgeting is making an overall budget, with a third (37%) finding this easier than planning their spending each day or week; nine per cent will make a daily budget while seven per cent will make a weekly plan.

When it comes to holiday shopping, the majority of families (52 per cent) start shopping for holiday essentials, such as sun cream and sunglasses, a month or more before they depart. Just 15 per cent start shopping less than a week before departing.

Paul Stokes, head of products at M&S Bank, commented:For many, the family holiday is one of the highlights of the year and so it’s great to see that the majority of families are planning to treat themselves by spending a little extra this year, whether that’s upgrading to a more expensive destination or going away for longer.

“We would encourage families to plan a budget before jetting off to ensure they get the most from their travel money.”

Follow Paul’s top travel money tips:

  • Plan your holiday budget to work out how much your holiday will cost and how much travel money you will need. Even if you’re staying in half-board or all-inclusive accommodation, don’t forget to factor in currency for taxis, tipping and other extras.
  • Find out if you can buy tickets for activities you’re planning cheaper in advance.
  • Don’t rely on internet rates if buying travel money in-store; many providers have different rates online and some change their rate throughout the day.
  • Don’t leave your holiday money until the last minute; airport bureaux often offer less competitive rates and may not have a wide variety of note denominations.
  • Always take both travel money and a credit/ debit card to ensure you’ve got multiple methods of payment.

M&S card holders receive discounted rates on all currencies purchased from M&S Travel Money.

-ENDS-

*Online survey of 2,089 UK adults who have or will be holidaying abroad this year, carried out by Consumer Intelligence.

For further information please call the M&S Bank press office:

Louise Wheble on 01244 686 177 / louise.wheble@mandsbank.com
Nikki Backler on 01244 686 856 / nikki.backler@mandsbank.com

About M&S Bank

M&S Bank (the trading name of Marks & Spencer Financial Services plc) was founded in 1985 as the financial services division of Marks and Spencer plc. In November 2004, HSBC bought 100 per cent of the share capital of Marks and Spencer Retail Financial Services Holdings Limited.

Today, M&S Bank operates as a joint venture arrangement between HSBC and Marks &Spencer, however, M&S Bank retains its own board.

M&S Bank offers a broad range of financial products, including current accounts, the M&S Credit Card, and a range of loans, savings and general insurance products, while its travel money offering boasts the widest range of currencies available on the high street. M&S Bank has 29 branches and over 120 bureaux de change located in M&S stores across the UK.

HSBC Bank plc

HSBC serves 16.1 million customers in the UK and employs approximately 43,500 people. In the UK, HSBC offers a complete range of personal, premier and private banking services including bank accounts and mortgages. It also provides commercial banking for small to medium businesses and corporate and institutional banking services. HSBC Bank plc is a wholly owned subsidiary of HSBC Holdings plc.

The HSBC Group

The HSBC Group HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from over 6,100 offices in over 73 countries and territories in Asia, Europe, North and Latin America, and the Middle East and North Africa. With assets of US$2,634bn at 31 December 2014, HSBC is one of the world’s largest banking and financial services organisations.

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