The cost of living crisis in the UK is seeing families who are going away on holiday then staying in to save money.
Brits are deciding to ditch meals out and stay indoors while they travel due to the decreasing value of the pound.
According to new research from travel money specialists No1 Currency, a fifth of holidaying Brits are avoiding eating out wherever possible, with roughly 20 per cent avoiding room service.
And 18 per cent of those surveyed were giving up alcohol while on holiday in a bid to save money.
18 per cent of those surveyed were giving up alcohol while on holiday in a bid to save money. File image
The research, which looked at the spending patterns of 2,000 returning holidaymakers, was published as the pound continued to plunge against both the dollar and the euro.
This makes holidays in Europe and the US even more expensive.
More than a quarter of holidaymakers have also set themselves a daily spending limit while away because they are more strapped for cash.
On Saturday morning, the pound fell to its lowest level against the dollar in 37 years, at $1.135, and its lowest level against the Euro since February 2021, at €1.1407.
The latest slide means that the pound is down 15% against the dollar, and 3% against the euro so far this year, with experts warning that it may weaken further.
Simon Phillips, Managing Director at No1 Currency suggested that Brits planning a trip abroad should sort out their currency now, in case the pound’s value drops further.
‘These are tough times for the pound, so if you’re planning a trip abroad in the coming weeks or months, it could make sense to pick up some foreign currency now rather than leave it all to the last minute,’ Mr Phillips said.
‘That way you’ll have the certainty of knowing that if the pound weakens further between now and the day you travel, you won’t lose out.
More than a quarter of holidaymakers have also set themselves a daily spending limit while away because they are more strapped for cash. File image
‘Exchange rates can differ quite a bit between different travel money providers, so do shop around for the most competitive quotes.’
The slump in the pound has been fuelled by concerns over the UK economy’s growth and sky-high inflation.
There is also uncertainty over Prime Minister Liz Truss’s rescue plan for the economy, with some economists warning that the pound could fall to as low as $1.05.
In the US, the dollar is growing in strength following a series of aggressive interest rate hikes across the pond — which have made the currency more attractive for investors.
Published by Associated Newspapers Ltd
Part of the Daily Mail, The Mail on Sunday & Metro Media Group