- Majority of Irish people will use personal savings to pay for 2023 holidays, but will spend more time researching holiday options.
- The average Irish person is set to spend €2,800 on summer vacation.
New research by Wise, the global technology company building the best way to move and manage money, finds that 74% of Irish holiday makers expect rising costs will impact their 2023 vacation. According to the research, half of Irish people (50%) plan to use savings to manage their travel expenses for their summer vacation, with 13% opting for credit cards and a further 12% considering personal loans. When respondents factored in travel, accommodation and general spending, they expect to spend on average €2,800.
The research, which saw Censuswide independently poll 1,000 Irish holiday makers, shows that while Irish people don’t necessarily plan to curtail their 2023 holidays plans, they are spending longer researching holiday options in hope of securing a better deal, while one third of respondents are more likely to travel to a cheaper destination than they previously would have. A further 17% said they will go away for less time.
Despite holiday makers expecting their holidays to cost considerably more, the overall picture suggests that Irish holidaymakers are just as keen to travel as pre-pandemic, with 76% of people expecting to travel internationally, compared to 77% in 2019.
An overwhelming 74% of holiday makers expect every aspect of their holiday to cost more than it did last year. Not surprisingly, over 40% of holiday makers will make a budget to manage their holiday expenses this year.
A beach holiday remains the holiday of choice for many Irish consumers, with over half selecting it as their holiday of choice. 70% of Irish travel will happen within Europe, with North America and the Caribbean ranking second and third respectively. The results also reveal that 11% of Irish holiday makers are more likely to travel domestically than internationally due to the rising costs, with 10% undecided about where to go.
“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 get hit with when using a typical bank card overseas.”
Wise has more than 100,000 Irish customers, with thousands joining each month. Whether they’re booking plane tickets from their living room, or buying margaritas by the beach, Wise customers always see exactly how much they’re being charged, with no hidden fees and a service that is 7x cheaper than that offered by big banks.