As the summer holiday season heats up, new research from Sainsbury’s Bank Travel Money reveals people plan to take around £836 million more in spending money – or £34 per holidaymaker – than this time last year. The reason for this is to offset the fall in Sterling’s value against popular holiday currencies.
The pound is currently worth around three per cent less against the Euro than it was a year ago, and one per cent less against the US Dollar.
The sum of the top five currencies bought from Sainsbury’s Bank Travel Money in the first five months of this year was 26 per cent higher than the same period in 2016(4).
To help their money go further on holiday, the findings indicate 9 per cent of people have specifically chosen all-inclusive vacations this summer, and 6 per cent have booked self-catering breaks for this reason.
Nearly one in 20 people (4 per cent) say they will go on fewer excursions whilst on holiday abroad, and 3 per cent have decided to take their summer vacation in the UK this year. In total, just over one in five (22 per cent) plan to make one or more changes to their summer holidays to ensure they get the most out of their money.
Simon Taylor, head of Travel Money at Sainsbury’s Bank said: “A fall in Sterling against popular currencies has made holidaymakers shop around for the best deal. Sainsburys shoppers can benefit from better rates when they use their Nectar card to purchase instore and online from Sainsbury’s Bank Travel Money.”
Sainsbury’s Bank Travel Money’s findings(1) reveal 21 per cent of people claim they have bought on average £455 of foreign currency at an airport travel money bureau over the past 12 months, despite offering some of the least competitive rates. Its research also reveals that on 5 July 2017 its own Sterling exchange rate was on average 11 per cent higher than the average rates offered for Euros at travel money bureaux at five different UK airports, and 10 per cent higher than the average rates for US dollars(5).