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Winter breaks
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£8 billion to be spent on winter breaks
By Becca Talbot becca.talbot@consumerchoices.co.uk
Despite the current financial climate and talks of a recession, Brits are preparing to spend a record £8 billion on winter holidays this year, according to new research published yesterday.
The study, carried out by Abbey Credit Cards (www.abbey.com), found that despite the UK’s current economic climate, more than 15 million people were planning on taking a winter break abroad this year, spending an estimated £8 billion doing so.
This winter Britons will spend an average of £546 per person on a holiday, £195 of which will be paid for on credit cards. Following the summer’s wet and windy weather, 1.1 million Brits have been prompted into taking their first foreign holiday in three years.
Callum Gibson, Head of Abbey Credit Cards, said: “Clearly many Britons are in need of escaping our gloomy weather and heading overseas.”
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"Thousands have had trips cancelled due to the collapse of various tour operators and travel companies."
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The research from Abbey Credit Cards found the most popular winter holiday destinations will be Western European sunspots, such as southern Spain and the Canary Islands, with nearly half of all those going on a winter break jetting off there. Other more exotic winter holiday locations included the Middle East, Asia, Latin America and Africa.
Consumers aged between 55 and 64 make up a large proportion of the winter holiday exodus, and will be spending more than any other age group, with a quarter spending £1,000 or more.
Thousands of holidaymakers this year have had trips cancelled due to the collapse of various tour operators and travel companies, and luggage lost during the mayhem at Terminal 5. Those who booked their travel using a credit card are automatically insured against such events.
Here are some essential reasons why it could make sense to use your credit card for this winter's holiday:
- Payment protection - should your holiday operator or airline fail to provide the service you paid for, as with the collapse of XL, you are covered under credit card insurance.
- 0% foreign exchange fee - with the Post Office you’ll get 0% on foreign exchange.
- Security - if your card is stolen, or if you loose it while abroad, your card can be immediately cancelled with a phone call and replaced quickly.
- Avoid cash - carrying large amounts of cash on your person is not safe, and could leave you with left over foreign currency after your trip.
Chris Eagle, commercial manager at CreditChoices.co.uk said: “If you are jetting off on holiday this winter, it’s important to consider how you can make your money work harder. Our guide on using your credit card abroad will tell you everything you need to know to make sure you manage your finances effectively while abroad. Consider a fee free card, like that from the Post Office.”
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