Holidays ‘fall victim of credit crunch’ – new poll

The credit crunch has forced one in five people to cancel plans to go on holiday, the results of a new survey show.

The findings of the research from online comparison shopping service Savebuckets.com directly contradicts previous findings from Kayak.co.uk which suggested that consumers would rather cut back on luxuries rather than give up their holiday (see previous TravelMole report).

But the new research suggests the family summer holiday will be the credit crunch’s next major victim following price hikes for staples such as food and utilities in addition to slumping house values.

The poll of 2,168 people on the impact the credit crunch is having on their monthly budget found that while 20% will not be going away, more than one in ten people (12%) will opt for a UK break to save money this year.

One in ten (9%) people are still determined to get away and will resort to breaking into their savings in order to pay for a holiday.

Almost 60% of Britons said their financial situation has changed for the worse this year.

And those with young families appear to be hit the hardest by the economic uncertainty.

Those aged 35 to 44 are the most likely to admit that their financial situation has changed for the worse this year (67%) with 16% planning their break within the UK, compared to just 7% of 18 to 24 year olds.

Twenty three per cent of those in middle age will not be going on holiday at all to save money compared to 19% of over 55’s and 18 to 34 year olds.

Women are more likely to be watching the pennies and cancelling their holiday this year, with 23% deciding to stay at home in the UK with no break, compared to 16% of men, according to the findings.

Those living in Northern Ireland appear to be struggling the most to get away this year, representing the highest proportion of the UK to not go on holiday (18%). They are also the highest proportion breaking into their savings in order to finance a break away 28%.

Those least concerned are Londoners, with 46% saying their financial situation has not changed for the worse, compared to 77% of those in Northern Ireland who say it has.

Savebuckets marketing manager Marc Ames said: “The fact that people feel they can’t afford to go away for a break this year is a reflection of how difficult many families are finding it to make ends meet. 

“Whilst the credit crunch continues to affect our finances, with one in four worried about how they will make ends meet, it is important that people take the time to manage their money so that they can still afford the important things in life.”

by Phil Davies

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