Abacus Daily Debt News

People ‘refuse to cut back on holidays’

Britons are reluctant to cut back on holidays, with many indicating it would be the last area where they would be willing to reduce spending, one travel agency has suggested.

A spokesperson, speaking on behalf of the recently merged Thomson Direct and First Choice, said that according to a survey by the company, individuals are fiercely protective of their time off.

She said: "A staggering 88 per cent of those questioned stated they would cut back in other ‘luxuries’ such as eating out and home improvement, rather than cutting back on their holidays."

Furthermore, the statistics showed 59 per cent would only stop spending on a vacation as a last resort.

Her comments follow a recent PricewaterhouseCoopers report, which found that one-third of Brits aim to choose a staycation over time abroad this year.

The study also discovered there has been a decline in the quarterly UK insolvency rate for travel agencies.

By Francis Finch