Majority of Brits still planning family holidays despite rising costs

New research from Legal & General has revealed many Brits are still prioritising family holidays, despite rising costs and financial pressure amidst the cost-of-living crisis.

The research found that 46% of Brits think it is important to go on multigenerational holidays, which include both their immediate and extended family members. It also found the majority (54%) said they will be planning to go on a holiday this year.

While the research shows many people are still prioritising holidays, at what cost? According to respondents, the average spent on holidays last year was £1,944. This year families have budgeted an average of £2,005 for 2024 holidays.

These numbers are not an insignificant amount of money, highlighting that even though purse strings may be tight, holidays are still a priority for many. 38% of those surveyed responded that their primary motivation for booking a family holiday was to create lasting memories, with this being 43% of those in Sheffield. However, 38% of those from the city also said that the cost of the trip is the biggest influence when booking a holiday, and 32% said it was their own personal financial situation.

With the summer fast approaching and the upcoming May bank holidays, families around the country will be planning their holidays. We will see how Brits prioritise their holiday budgets this year, and if more people get enticed by the idea of a trip with their family than they initially thought.

For additional information please find Legal and General’s research here: https://www.legalandgeneral.com/insurance/life-insurance/family-holiday-report/