Nearly three-quarters (74%) of Irish holidaymakers expect rising costs to impact their 2023 holiday plans, new research shows.
According to global money management technology company Wise, 50% of Irish people will dip into savings to cover travel and holiday expenses this year; with most anticipating an average spend of €2,800 – when travel, accommodation and general spending are covered.
The survey of 1,000 holidaymakers also showed that 13% of people plan to cover costs by racking up more debt using their credit cards, while 12% are actively considering taking out a personal loan to pay for their holiday.
Wise said 76% of those surveyed plan to travel overseas; 32% will take at least one holiday this year, 40% will take at least two holidays and 10% will take at least four holidays.
Around 40% of Irish holidaymakers will make a budget to manage their holiday costs and 74% believe that every aspect of their travels will increase in cost this year.
Sana Rahman, global communications director at Wise said: “After spending so much time in lockdown, it’s clear that Irish holidaymakers are ready to get out there and start travelling again. However, with costs going up, they’re also being savvy about it 一 spending time researching good deals and planning their travel budgets.
“At Wise, we believe that moving and managing money should be fair, simple, cost effective and fast, no matter where you are. The Wise card in particular is a brilliant option, allowing you to spend in over 50 currencies, including Euros, pounds and dollars, at the real exchange rate with no hidden fees – such as the marked up exchange rates and extra ATM charges you typically get hit with when using a typical bank card overseas.”
Wise has more than 100,000 Irish customers.