New study shows
A year on from the Brexit vote, Brits are finding themselves saving for longer and making cutbacks in order to afford a family summer holiday, according to new research.
The survey of 1,000 British parents in easyCar.com’s Great British Family Getaway 2017 Report found that nearly two thirds of Brits (61 per cent) have found the fluctuation in the pound has negatively impacted their family holiday since the Brexit vote.
Nearly a quarter (22 per cent) have had to save for longer to afford a family holiday, while a fifth (20 per cent) have had to use up more of their existing savings. The penny-pinching isn’t left at home either: 18 per cent of parents report having cut down on treats for their family during the holiday itself.
Many families are now foregoing jetting off at all: 41 per cent of parents going on a family holiday in the next year say they will have a staycation.
The report found that in 2017, the typical British family has to save for seven months to be able to afford a family holiday. The average family spends £598 per person on flights and accommodation, and £372 each on spending money while away.
Holidaymakers from the North East are feeling the Brexit pinch the most, with 63 per cent reporting having their holiday finances harmed by the vote. Yorkshire and the Humber is the steeliest region in the face of the Brexit holiday slump, with 59 per cent saying they haven’t been negatively affected.
Interestingly, it seems those on higher incomes are feeling the impact more acutely, with Brits earning over £50,000 being a third more likely than lower earners to have made cutbacks or dipped further into savings for family holiday cash since the vote.
Richard Laughton, CEO of easyCar.com said: “A little over a year since the Brexit result, it’s clear Brits are still feeling the impact on their holiday finances. Taking a staycation is a great way to avoid the increased costs of a break abroad, but families needn’t feel that this is the only option. Making a few small changes, such as booking your car hire and flights early and choosing locations off the beaten track, can make holidays abroad far more affordable.”