Majority of people not cutting back on holiday spending

At the start of the school holidays, as many people begin their travels abroad to sunnier climes, new research by The Co-operative Bank Credit Cards has shown that despite fears over rising inflation the majority of people (53%) will not be cutting back on holiday spending this year.

For many spending will begin at the airport, where on average people spend £18 each before even stepping on their plane, which equates to £72 for a typical family. Most people spend this on food and drink (84%) books and magazines (60%) and duty free (35%).

Furthermore the research also highlights that this year more than three quarters of people (77%) are planning to pay for at least part of their holiday on their credit card.

Maxine Xodo, Product Manager for Credit Cards at The Co-operative Bank says, "The findings clearly show that despite the current economic climate, after working hard all year many people are reluctant to cut back on their summer holiday spending. However as more people are putting holiday spending on their credit cards, it pays to make sure they are getting the best deal for their needs."

The Co-operative Bank offers a fixed rate platinum card, with a low fixed rate of 9.9% APR typical variable for the first five years.

Furthermore the card provides people with access to a wide range of travel benefits including up to £100,000 free travel accident insurance when the card is used to pay for travel tickets, 24 hour medical and legal assistance overseas, as well as discounts on holidays, travel, airport parking, airport hotels and car hire.

Maxine Xodo, adds, "When travelling either home or away this summer, this card offers customers a wide range of market leading travel benefits, with no annual fee to pay as well as peace of mind that the low rate they sign up to will remain fixed for five years".