For immediate release
Brits paying an extra £1.1 billion on holidays after Brexit
- finder forecasts Brits will take over 15 million trips overseas this summer
- Weakened pound expected to cost Brits over £1.1 billion extra on international trips this summer alone
- 44 of 48 countries that Brits will visit this summer will be on average 11.95% more expensive
- finder identifies top 10 countries Brits will be travelling to and how much extra they’re expected to fork out
26 May 2017 – Taking over 15.08 million overseas trips this summer, finder research has found that Brits are expected to be paying over £1.1 billion more on summer holidays this year compared to 2016, thanks to the ever weakening pound following the Brexit vote last June*.
For a family of four travelling to Spain, for instance, the weakened pound will cost an extra £264 (£66 per person). This is based on an average spend of £2,458 (£614 per person)*.
Since the Brexit vote was announced (June 24, 2016), the British pound has weakened across most currencies, which means it’s likely to cost more to convert pounds into foreign currencies.
In fact, 44 of the 48 countries that Brits visit will be more expensive this summer compared to last year; by a whopping 11.95% on average.
Spain topped the list as the most popular international summer holiday destination, with an expected 4.68 million Brits heading there in June-August. Those travelling to Spain this summer are likely to fork out over £307.7 million extra this year.
The second most visited destination, France, will cost two million Brits over £116.9 million extra this summer.
finder UK CEO, Jon Ostler, says: “Summer is the most popular time to travel abroad, so this increase in cost, most likely from the Brexit fallout, will affect millions of British families. As such, it’s more important than ever to make sure you’re shopping around to find the best possible deals on hotels, flights, and travel money, to make sure your annual summer break won’t end in debt.”
“The cost of transferring money abroad and converting to foreign currencies can vary significantly between providers, so it’s important to compare money transfer providers on their fees as well as their exchange rates.”
finder has collated a list of the top 10 summer holiday destinations for Brits, illustrating increased spend per person for each.
Please click here for the full report, including complete list of the 88 countries.
UK’s top 10 summer destinations and expected extra costs
|Country (currency)||Total forecast holiday visits during summer 2017||% change in currency value since June 1, 2016||Extra cost per person||Total extra cost per destination||Average spend per person|
|Republic of Ireland (EUR)||480,617||-10.71%||£40||£19,295,694||£375|
Source: finder.com/uk, Office of National Statistics, xe.com
finder has used a 2017 forecast to calculate the number of Brits expected to travel overseas this summer, and to which country, based on ONS data of the number of UK resident holiday visits abroad in 2015 and 2016. The team also captured the spending figures for each year and calculated the amount of money spent, per person, for each country in each month. Currency rates from June 1 last year were then compared to now (collected on May 29, 2017). Please see below for full methodology.
For more information on finder or to compare travel money providers, please visit www.finder.com/uk/travel-money
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com's review pages for the current correct values.
finder.com is a personal finance website, which helps consumers compare products online so they can make better informed decisions. Consumers can visit the website to compare utilities, mortgages, credit cards, insurance products, shopping voucher codes, and so much more before choosing the option that best suits their needs.
Best of all, finder.com is completely free to use. We’re not a bank or insurer, nor are we owned by one, and we are not a product issuer or a credit provider. We’re not affiliated with any one institution or outlet, so it’s genuine advice from a team of experts who care about helping you find better.
finder.com launched in the UK in February 2017 and is privately owned and self-funded by two Australian entrepreneurs – Fred Schebesta and Frank Restuccia – who successfully grew finder.com.au to be Australia's most visited personal finance website (Source: Experian Hitwise).