Soaring bills and the cost-of-living crisis is squeezing households' budgets. Reduced disposable income is leaving people to actively explore cutting back on outgoings, from dining in restaurants, to cancelling entertainment subscriptions such as Sky or Netflix.
One area that will see decreased spending is vacations, reports loveholidays, who say their research has found Brits will have £300 less in their holiday kitties next year. This still leaves the average Brit with around £920 to spend on each holiday, per person, according to the analysis by loveholidays.
Broken down, loveholidays say people tend to put aside the most money for their accommodation (29%), followed by flights (19%) and food and drink (12%). Surprisingly, more money is spent on transfers to and from the airport (8%) than activities and exploring while away (6%).
