New research from Sainsbury’s Bank Credit Cards reveals on average, each person planning a summer holiday this year is likely to spend £974 on it. Many people would consider booking the vacation itself as being the most expensive part of the holiday, however the research reveals that it’s just over a third of the total spend.
On average, UK holidaymakers say they’ll spend £288 on spending money; £96 will go on buying new clothes; and £58 getting to and from the airport or train station.
Holidaymakers also say they’ll spend an average of £21 paying for a home-sitter whilst they are away. Those with pets also face extra costs, as the research reveals an average of £32 will be spent on kennels or catteries.
Around 23% of the total holiday spend will be placed on credit cards. A quarter (25%) of people using a credit card plan to transfer some of their balance to a 0% interest free balance transfer card after their holiday, with these people estimating they will transfer over half (54%) of their spend after their summer holiday. This equates to a total of £2 billion that holidaymakers intend to transfer to an interest free balance transfer cards after their summer vacation.
Simon Ranson, Head of Banking at Sainsbury’s Bank, commented: “The true cost of a holiday is much greater than just the upfront cost of booking it in the first place, with lots of add-ons to consider by the time you’re ready to set off. Holidaymakers choosing to use a credit card should carefully consider their options. Some cards may be more cost-effective for overseas spend, some are better for large purchases, like the holiday itself, and others if you’re transferring a balance.”
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