Everyone loves going on holiday, but just how many Brits travel abroad? And how do they manage their money when they do?
We all have that friend who pretends to be Scrooge McDuck when on holiday, and that other one who’d happily eat at McDonald’s every day just to save a few extra quid. What’s the middle ground? How much are Brits spending when abroad? We dived into the latest statistics to find out.
The latest facts and figures
Brits made over 71 million trips abroad in 2018, down 1% compared to 2017.
Despite taking less trips abroad , Brits spent 1% more than they did in 2017, totalling £45.4 billion in 2018.
The most common reasons for travelling abroad were for holidays, accounting for 47 million of our trips.
The two next most popular reasons for travelling were visiting friends and family (16.7 million) and business trips (6.6 million).
The most popular travel destination was Spain, with the majority of trips for holidays (89%).
There were over 15 million trips made to Spain in 2018, more than the next two most popular destinations combined.
UK holidaymakers spend almost £1 billion a year at airports just to “get rid” of foreign currency.
Where do we visit?
Our most popular holiday destination is Spain, with over 15.6 million trips made in 2018. Despite being comfortably the most popular travel destination, visits to Spain did fall for the first time since 2009 (-2%). See the graph below for a more detailed breakdown of the most popular tourist destinations.
The total amount we have spent abroad has been slowly rising year-on-year until a slight dip after the financial crash in 2008. However, spending has recovered since then and has now reached a new peak of over £45.4 billion in 2018, up 1% from 2017. Despite reaching new heights, this represents a much smaller rise than in previous years.
UK spending on outbound tourism year-on-year.
Spend per trip
Budgeting for your trip is an essential part of your holiday planning, but which countries are costing us the most per trip and per day?
Luxembourg tops the spend-per-day list at an average of £119 per day. Whilst the country we spend the most visiting on average is South Africa at £1,911. Explore the tables below to find out the top 5 countries for both spend per day and spend per trip.
Eurostat averaged spending across 28 member UK states (including the UK) to reveal what we are spending on whilst abroad.
Unsurprisingly, over two thirds of our holiday spending is on accommodation (37%) and transport (31%) – leaving us just 32% for all other holiday related expenses.
Chances are you have experienced the dilemma of what to do with leftover currency at the end of your holiday. Recent research suggests Brits could be better off to the tune of almost £1 billion by converting their unwanted currency back to pounds.
UK holidaymakers need to have at least £52 worth of leftover currency to go through the effort of changing it back to pounds.
On average UK adults spent £14.27 at airports, per trip, just to save them from bringing it home.
This equates to nearly £1 billion spent at airports every year just to get rid of foreign currency.
Brits need £52 to go through the effort of changing foreign currency back to pounds.
Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
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