As schools in England break up for the summer, research we recently carried out suggests that consumers are looking forward to spending more on their summer holidays this year. Four in 10 (41%) UK holidaymakers anticipate spending more money on their holiday this year than last year, compared to just 18% who say they will spend less.
An increased feel good factor amongst consumers is behind this rise in spending. A third (33%) of those surveyed reported they are feeling better off this year than last year, and a similar number (32%) say their holiday this year is for a special occasion. The figures indicate that consumers are beginning to feel more confident about their personal financial situation.
The survey of 600 Noddle users found nearly a third of respondents (29%) stated they planned on spending over £2000 on their holiday this year. Followed by 23% who plan on spending £750 – £1500.
Many consumers still regularly put money aside to pay for their summer holidays, with 29% saying they have been saving money throughout the year. In contrast less than 5% said they planned on putting their holiday spending on credit cards.
Jacqueline Dewey, our Managing Director says “It’s interesting to see consumers saving up to spend, rather than making their holiday purchases on credit card. Despite feeling better about their financial situations consumers are still wary about over spending. With talk of interest rate changes over the next few months many may be concerned how this will impact on their ability to pay back the balance on their cards as well as how this may impact their credit rating.”
It’s important for consumers to have easy access to information that helps them manage their personal finances and plan for events such as summer holidays. Consumers should know their credit score and what they can do to improve it, which is why we at Noddle have just made it free to access your credit score along with your credit report. This way whatever you plan on spending this summer you can enjoy your holiday without having to worry.