New research from AllClear Travel Insurance reveals that overseas holidays remain one area of big-ticket spending that will likely survive cost of living cuts.
New data reveals that three quarters (76%) of households refuse to ditch their holiday plans and will instead target cutbacks elsewhere.
It asked a sample of 2,000 adults how the strain on their finances would impact various big spending.
Some of these areas included moving house, home improvements, buying a new car and travelling overseas.
Overseas travel came out as most resilient to the cost-of-living cutbacks, with 76% still intending to travel abroad.
Two fifths intended to embark on their holiday exactly as they had planned.
A further two fifths were continuing with their plans to travel abroad, but intended to reduce their total spend (38%).
In contrast, people were making big cutbacks elsewhere.
When it came to large-scale home improvements, Brits were most likely to delay or cancel plans.
Two fifths of adults that planned to buy a car putting these plans on hold altogether (41%).
Chris Rolland, CEO at AllClear Travel Insurance said: “People’s faith in holidays continues despite the worrying economic climate.”
