Almost half of Irish adults spend €100 or more a day while on their holidays
- 3Money survey reveals that September is the most popular month for a ‘summer holiday’ for 29%
- 75% of adults prefer to holiday abroad compared to a staycation
- Overall spending increases for 60% of adults over the summer months
- Over 50% claim that carrying large amounts of cash is their primary concern when using money while abroad
Wednesday, 29th August: As the end of the summer approaches, research commissioned by 3Money, Three’s prepaid credit card, can reveal that September is actually the favourite month for 29% of adults when considering a ‘summer holiday’ while 75% prefer to holiday abroad, compared to a staycation.
The research also found that almost half (46%) of adults spend €100 or more a day when on holidays, while over 60% find that their overall spending increases over the summer months, with those aged 18-24 (76%) most likely to increase their expenditure during this time.
When it comes to carrying cash, over half (51%) of respondents feel that carrying large amounts of cash is their primary concern when using money abroad. Interestingly, this rises to 70% for those aged 18-24. Nearly a quarter (24%) claim that searching for an ATM is an inconvenience with 23% citing no concerns about spending money abroad.
Speaking about the findings, Mark Gardiner, Head of Products, Services and Logistics, Three Ireland said, “It is interesting to see how important security is for Irish consumers when it comes to holiday spending. 3Money is the perfect solution as your money is protected against loss, theft and fraud – so if your card is lost or stolen, your balance is safe. On top of this, there is now no foreign exchange fees or ATM withdrawal fees. 3Money puts you in control of everything, from saving for your holiday and booking flights or hotels to shopping online, in-store, by contactless or using ATMs. A 3Money card is a smart choice for holidaymakers as it gives them the comfort of knowing their money is secure, while helping them to stay on budget.”
Looking at the main costs associated with summer, the annual family summer holiday tops the list, with just over half (53%) finding this to be the case. This is highest amongst those aged 55+. Almost a quarter (23%) of those aged 35-44 claim the kids being off school is the biggest cost of summer. When asked what they spend their money on during sunny weather, it isn’t surprising that ice-cream is the top choice for 80%, with almost half (47%) purchasing BBQ bits and 4 in 10 (39%) treating themselves to the seasonal favourite, strawberries and cream.
Quizzed on favourite activities during holidays, exploring new destinations (38%) is top of the list, with this more likely to be favoured by those aged 18-24 (57%) and those aged 65+ (50%). Almost 3 in 10 (28%) claim their favourite thing is spending time with family and friends, most popular amongst those aged 35-44 (38%).
Almost half (48%) of Irish adults claim that accommodation is the most expensive aspect relating to their holiday. For a third, travel is the most expensive aspect, while over 1 in 10 (13%) claim eating out is the biggest expense. When it comes to cutting holiday costs, a quarter (25%) said they are willing to scale back when it comes to travel, with a similar (24%) proportion cutting costs when it comes to eating out. Booking accommodation is the aspect where spending is least lightly to be reduced, although it is most likely to be cut by those aged 18-24 (33%).
Three customers can sign up for 3Money by visiting www.three.ie/money or by calling into their local Three store.