2014 Holiday Spend to Total £37 billion | Prepaid365

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30 December 2013

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New research has revealed that the travel industry is still booming for Brits as 22.8 million of us plan to take a holiday overseas in the New Year, spending a staggering £37 billion in the process and holiday spend is definitely blooming.

Proving that we all need a good holiday now and again, almost half (48%) of us plan to travel abroad while 43% will stick to home soil with their travel choices.

The Christmas period is always a busy and (in many cases) expensive time of year for Brits everywhere, as various family members can often end up staying in the family home.

Not only do they all require food and drink, but it will probably also cost a small fortune in terms of presents for everyone involved. The period can take a lasting toll on personal finances, even if you have budgeted specifically for these few weeks.

However, even on the back of such an expensive time of year, it doesn’t appear as though Brits are cutting themselves short when it comes to the price of a New Year break.

The average cost of a break is quoted as £836 per holiday according to the new figures, which equates to more than £37bn collectively.

To help keep costs low, some Brits will look for early-bird deals with one quarter of this group hoping to book their main 2014 holiday before the New Year bells chime.

Just shy of one fifth (18%) are said to have already booked their holidays, while one in six reveal they saved throughout the year to pay for their time away from home.

Putting a focus on holiday spending

Getting the holiday spending budget in line is also set to be equally as important. There seems little point in stretching yourself financially to take a break of any kind if you cannot enjoy yourself sufficiently once you arrive at your destination.

Most people save in the months leading up to their departure to give themselves cash to spend whilst they’re away, but how you carry the cash needs to be considered.

Carrying cash can initially seem convenient but that might prove to be a bit of a myth as it is difficult to keep a firm track on what you have spent. It is also worth noting that carrying a large amount of cash can be quite cumbersome as well as potentially dangerous.

Prepaid travel cards are one of the leading ways to take funds with you and have replaced cash and travellers’ cheques for many people.

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