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Parents 'cut summer holiday spending'
17.07.2008
The amount parents are expected to spend during this year's school summer holidays is around £600 million less than in the same period last year, according to new research.
Although more people are expected to take their children abroad, the average holiday budget is significantly lower than last year, the Abbey says.
It adds British parents also intend to spend less money this summer on childcare and toys.
Callum Gibson, head of Abbey credit cards, suggests: "With rising inflation it is remarkable to see an overall cost drop like this, but it just shows how British parents are feeling the pinch."
He points out that the average consumer intends to spend "less than half" on their foreign holiday this year than they did in 2007.
Yesterday, swiftcover.com reported that one in five people had admitted they do not always take out adequate travel insurance when they go on holiday.
Although more people are expected to take their children abroad, the average holiday budget is significantly lower than last year, the Abbey says.
It adds British parents also intend to spend less money this summer on childcare and toys.
Callum Gibson, head of Abbey credit cards, suggests: "With rising inflation it is remarkable to see an overall cost drop like this, but it just shows how British parents are feeling the pinch."
He points out that the average consumer intends to spend "less than half" on their foreign holiday this year than they did in 2007.
Yesterday, swiftcover.com reported that one in five people had admitted they do not always take out adequate travel insurance when they go on holiday.