One in four (26%) are spending less on their holidays this year, than last year, according to a new survey of people who have hired a car in the UK or abroad carried out by Opinium for travel insurance provider, Multitrip.com.
Two fifths (40%) say they are spending the same and only a quarter (23%) say they are spending more. Of those who are spending less, over a quarter (29%) have or plan to cut back on how much they will spend whilst away, and 27% are holidaying in the UK instead of going abroad.
To save money, a quarter (25%) are cutting back on the number of holidays they take and staying in cheaper accommodation (21%).
Jason Whelan, from Multitrip.com, said: “Following the Pandemic, consumers were eager to travel again and were spending more on holidays.
“While the cost-of-living crisis is impacting how much people are paying on their travel plans this year, it’s clear that getting away is still really important, whether it be in the UK or abroad
He added, “To protect your holiday investment, travel insurance is an absolute must. Travelling without insurance could leave you paying a hefty bill if something were to go wrong.
“We’re seeing increased medical costs globally, so you do not want to get sick or injured abroad without it. Even when travelling in the UK, cancellation cover protects you from unforeseen circumstances, such as you or a loved one suddenly being unable to travel.”