Brits splurge £250 more on dining and shopping during holidays, finds HSBC study
Dining out, live events, clothes and transport are among the items people are more inclined to splash out on, according to HSBC UK.
The typical holidaymaker splashes out an extra £250 on "extras" during a week-long break compared to their usual at-home expenses, according to a survey. HSBC UK's research reveals that dining out, attending live events, buying clothes and transportation are the areas where people tend to spend more.
The study also suggests that individuals are reluctant to discuss their holiday spending habits, with 57 percent admitting they never reveal how much they've spent while away. Behavioural psychologist Jo Hemmings explains: "Our holiday mentality which encourages us to spend much more than we would at home is down to three main factors."
She continues: "Simply being out of our usual daily routine contributes to a sense of relaxation and reward, stimulating our feel-good hormones of serotonin and dopamine and reducing our stress hormone, cortisol, making us more likely to spend money on clothes, dining out and new experiences."
Hemmings adds: "Holidays are also associated with special occasions and escapism whether that's a birthday or an anniversary, the arrival of warm weather or simply the holiday itself which we have anticipated and saved for, enables us to justify spending more money than usual."
She concludes: "We are also less inhibited on holiday, so we feel less constrained by our usual financial mindsets and the sense of spending more on immediate pleasures rather than deferred rewards known as temporal discounting is also heightened."
HSBC UK's head of everyday banking, Pella Frost, commented: "We all like to splash out on holiday but splurge regret can cast a shadow over the whole experience."
The findings were part of a survey by Censuswide, commissioned by HSBC UK in June, involving over 2,000 participants.
