Staycations 25% more expensive than foreign holidays
A staycation in London is 25% more expensive than the average beach holiday abroad, according to research from M&S Money. Yet, over half of the Brits who are choosing to stay in the UK this summer are doing so because they think it will be cheaper.
A week in London costs around £1,631 per person, compared to an average of £1,298 for a holiday abroad.
M&S surveyed more than 2,000 people and discovered that just over half of them are choosing to stay in the UK this summer, and only 28% of Brits are heading abroad.
"Staycations are clearly popular this year, particularly with people celebrating the Jubilee and Olympics, in what will be a British summer to remember," says Jane Lawson, head of travel money at M&S Money. "However, with the cost of activities and eating out in the UK relatively high and favourable foreign exchange rates helping to make your money go further abroad, a holiday at home is not always the most affordable option."
The M&S survey found that holidaymakers are budgeting an average of £41 spending money per person per day, or £287 a week. But after studying 10 holidays, M&S found that people are underestimating the amount of spending money needed per person by an average of £50.
"To get the most from your holiday budget, no matter what the destination, it's important to plan ahead," says Lawson. "As well as looking for good deals on travel and accommodation, thinking about exchange rates, local costs and the kind of extras you will need to spend your money on will help to ensure you have the best possible holiday experience."
Total cost* of a week's holiday in 10 popular destinations:
1. Alicante, Spain - £927
2. Marseille, France - £1,059
3. Gouves, Crete - £1,061
4. Bodrum, Turkey - £1,102
5.Faro, Portugal - £1,104
6. Split, Croatia - £1,133
7. Hua Hin, Thailand - £1,422
8. London, UK - £1,631
9. Bridgetown, Barbados - £1,836
10. Daytona Beach, USA - £2,034
*Cost includes transport, hotels, meals, a daily activity and £25 a day additional spending money.
The difference between two currencies; specifically how much one currency is worth relative to each other. For example, if £1 is worth $1.50, converting sterling to US dollars, the exchange rate is 1.5. Converting dollars to sterling at those levels, the exchange rate is 0.66, so $1 is worth 66p. There are a wide variety of factors that influence the exchange rate, such as a country’s interest rates, inflation, and the state of politics and the economy in that country.