• The average planned spend on holidays abroad per person is down 20% from 2023.
• Over half of adults (55%) are planning to spend some money on holidays abroad in 2024
• 1 in 6 Brits (16%) plan to spend more than £2,500 on holidays abroad this year

24 June, 2024, LONDON –

New research from personal finance comparison site finder.com revealed that the average UK resident is planning to spend £1,690 on holidays abroad in 2024, including accommodation, flights and spending money. This is down 20% since last year when the same research found that Brits were planning to spend £2,115 each.

The survey also found that more than half of UK adults (55%) are planning to put money towards holidays abroad this year. This is also down from 2023, when two-thirds (66%) of Brits were planning to spend on overseas holidays. Some Brits are not yet sure on their plans for 2024, while others prefer to holiday in the UK.

There are still some big spenders, however, as 1 in 6 Brits (16%) plan to spend more than £2,500 each on holidays abroad this year.

Data from the ONS shows that Brits spent a total of £49.8 billion on holidays in 2023, with the average cost of a single trip abroad at £894.

Switzerland is the most expensive destination for Brits’ holiday spending

For the Brits who are planning to holiday abroad this year, Switzerland is likely to be the most expensive destination, with the average spend per day last year at a whopping £155.

In Spain, the UK’s most popular holiday destination with 17.8 million trips made in 2023, Brits can expect to spend roughly half this amount – a more reasonable price of £87 a day.

Other pricey locations include Finland (£148 a day), the USA (£129), the United Arab Emirates (£124 a day) and Austria (£120 a day). Cheaper holiday destinations include China (£27 a day), India (£37 a day), Sri Lanka (£44 a day) and Poland (£47 a day).

Commenting on the findings, Louise Bastock, financial wellness expert at comparison site finder.com said:

“With financial uncertainty still prevalent in the UK and an election on the horizon, many Brits are continuing to rein in their spending, and it’s clear this extends to their holiday plans too. If you’re planning to travel abroad this year, there are a few steps you can take to make your money stretch as far as possible.

Bag yourself a lump sum of cash by taking advantage of some of the bank switching offers currently available. first direct is offering £175 in cash when you switch, plus access to its Regular Saver Account at 7%. Nationwide is offering £200 when you switch, but this deal is for existing customers only. To encourage you to stick around, banks have upped the criteria to get the full switching offer, so check these thoroughly in advance and that you’ll get your cash in time before your holiday.

To keep your spending costs down when you’re abroad, choose a card with no transaction fees and low foreign exchange fees. With some e-money providers, like Revolut, you can exchange some of your balance into your desired currency before you go so you can try and get the best rate possible. This will help avoid any nasty additional charges on top of your day-to-day spending.

Another top tip is to take advantage of credit cards with no monthly fees that let you earn rewards or travel points, like Avios, when you spend. The British Airways Amex card, for example, allows you to earn Avios on your day-to-day spending which you can put towards flights to bring your overall holiday costs down. Be aware, this card charges a foreign transaction fee so is better for building up points before your trip, rather than spending abroad.”

For a full breakdown of the research and the table of holiday spending per country, visit: https://www.finder.com/uk/travel-money-statistics

Methodology:

Finder commissioned Censuswide in May 2024 to carry out a nationally representative survey of adults aged 18+ to find out planned holiday spending. A total of 2,000 people were questioned. The average daily spend per country is based on data from the ONS for spending in 2023.