One in three people (33%) in the North West is trying to spend less on their holiday this year, while a similar number (36%) will not be having a holiday at all, according to a poll by the insolvency trade body R3.
The survey revealed the number of people going without a holiday has almost doubled since last year when the figure stood at 19%. Of those who were going away, staycations remain a popular choice – nearly half (49%) said they were spending their holiday in the UK to save money.
Holidaymakers were also using a number of other ways to save money, such as choosing less expensive accommodation (60%), a cheaper travel option such as a budget airlines (59%), going away less often (45%), spending less time away (33%), going out of season (23%), and spending less money on eating out and activities once they were on holiday (38%).
People in the North West were the most prudent in the UK as not one of those questioned was planning to borrow money to finance their holiday.
Jeremy Oddie, North West regional chair of R3 and head of recoveries at accountants Mitchell Charlesworth, said: “With reduced household incomes and inflationary pressures, consumers are being squeezed from both sides so it’s not surprising they are cutting back.
“We have already seen the impact of reduced spending on retail sales, but we hope that the trend for holidays at home will provide a much needed boost for the UK economy, particularly in tourist areas and coastal towns where insolvency levels have rocketed.”