More than a third of Brits (38 per cent) are spending less on their holidays this year and a quarter aren't having a holiday at all, according to new research by insolvency trade body R3.
The study, which looks at how the economic climate and ‘age of austerity' is affecting holiday spending, shows that:
• 71 per cent of these cost-cutting holidaymakers are opting for budget accommodation; while 68 per cent are seeking out cheaper travel;
• 63 per cent are jetting off less often and 50 per cent are going away for less time;
• 63 per cent are booking ‘off-peak', while the same proportion go for ‘early bird' deals.
Most budget-conscious holidaymakers are using a mixture of methods to cut costs.
The biggest cost-cutters are found in Yorkshire and Humberside, where almost half (43 per cent) are spending less on holidays this year. People in the North West and London are close behind (at 42 per cent).
Meanwhile, those in the North East are most likely not to be going on holiday at all, as 40 per cent say they are not having a holiday this year - compared to the UK average of 25 per cent.
R3's research also reveals that a third (34 per cent) of all holidaymakers are choosing to spend their break in the UK this year, while over a quarter (28 per cent) are visiting places in Europe. Destinations outside Europe are the preserve of the few.
"In an age when holidaying is often seen as a ‘right' rather than a luxury, it's good to see sensible Brits cutting their cloth accordingly and refusing to spend what they can't afford,” said R3's President Steven Law.
“With over a million people in the UK struggling with their debts, it's all too easy to spend now and worry about the future later. I'd encourage anyone worried about their finances to follow the example of the holiday cost-cutters and start budgeting.
"A third of people holidaying in the UK is great news for the domestic tourism and leisure sector. As people look for cheaper options, businesses offering budget accommodation or transport are likely to have the most to gain - while the luxury end of the market may struggle to compete."
