It has been revealed that over 65s, otherwise known as the ‘grey market’, spend the most money per day when away on holiday, with an average spend of £212 per day.
Choice reports that by comparison, the most frugal group was the 35-45 year olds, who spend just £42 per year.
The team at www.jetcost.co.uk undertook the research as part of an ongoing study into the travel habits of Britons. 3,214 Britons took part in the research, all of whom had been on holiday abroad in the last 12 months. Respondents were evenly grouped into the following age categories; 18-34; 35-44; 45-54; 55-64; 65+ years old.
Firstly, all respondents were asked “Do you usually have a daily or overall budget in mind to manage your spending money while on holiday?” to which 34% stated that they tended to have an overall budget for the whole trip, 21% said they budgeted on a daily basis and the remaining 45% confessed that they did not budget their spending money at all.
They were all then asked “How much do you usually spend while on holiday, per person per day, including food, drink, souvenirs, activities etc.?”. From this, the following age breakdown was revealed:
• 65+ years old – £212
• 55-64 years old – £103
• 18-34 years old – £73
• 35-44 years old – £42
The results uncovered that the average Briton over the age of 65 spends more than twice the amount that the next highest spenders, the 55-64 year old group, do; or almost three times what the 18-34 year olds spend and five times the amount that frugal 35-44 year olds part with each day on holiday.
When each group was asked how much they would likely spend on presents or souvenirs for other people, the most frugal group, between 35-44, spent the most on things to take home for other people, at £53 overall. The most frivolous group, aged 65+, spent just £16 on gifts for other people in total on their holidays.
A spokesperson for www.Jetcost.co.uk commented:
“It’s interesting to see how we manage our spending money while we are on holiday. Although some might expect the younger groups to be happier to part with their cash, in fact the older groups are the ones most likely to catch the spending bug – and why not?
For many of these travellers, they have worked their whole life and are now enjoying the benefits as well as their freedom. Providing it doesn’t leave you in a difficult financial situation when you return home, we say you should enjoy your holidays and make the most of them.”
(Story source: Choice)