Overseas spend on the rise
Despite many still feeling the pinch of the recession, Brits are refusing to cut down on their holiday spending money, with the amount of cash parted with while abroad in 2013 going up a whopping 20 per cent compared to the previous year.
This is according to the Visa Travel Survey, which was unveiled at the Arabian Travel Market last week to great fanfare.
The figures are good news for the industry, with an increase in both inbound and outbound cardholders contributing to the global tourist economy. Visa questioned more than 300 credit card holders in order to collect the information.
“UAE Visa cardholders spent US$2.8 billion overseas in 2013, almost 20 per cent rise on 2012 figures, with Italy proving to be a popular destination and accounting for 36 per cent increase in spend,” commented Marcello Baricordi, general manager for UAE and Global Accounts Lead at Visa MENA.
“This travel savvy, high-spending segment of the Visa market are tourism trendsetters and their behaviour is a barometer for market performance in general,” he added.
Although the UK continues to be the largest corridor for inbound tourism spend, Saudi Arabia is demonstrating the fastest growth; up by 33 per cent for 2013’s figures.
Accommodation proved to be the most expensive for tourists, accounting for more than 24 per cent of their spend. Retail scoops came in second with 14 per cent while luxury retail was at 11 per cent, demonstrating tourists love a holiday spending spree while abroad.
Participants also indicated travel as being a high priority when saving money, with some regularly setting aside more than 60 per cent of their monthly household income specifically for family travel.
It’s always worth factoring in your insurance when budgeting for the holiday, as you never know what problems might crop up when going abroad.