Do you suffer from pier pressure?

One-in-three Brits (13.9 million or 30 per cent) are suffering from ‘Pier Pressure’ a compulsion to waste money on holiday tat, according to the latest spending research from cahoot online bank. Indeed the research found that Brits part with a colossal £231 million each year on holiday souvenirs, gifts and other cheap items they wish they hadn’t brought.

The most common ‘Pier Pressure’ purchases, according to 68 per cent, are the tacky ornaments, stuffed donkeys and other novelty items that seem like a fun idea at the time, but end up at the back of the cupboard once we get home. Clothing, such as holiday resort t-shirts and sombrero hats were next with 13 per cent. Beach accessories (9 per cent), CDs (4 per cent), and bags (3 per cent) completed the top five wasted holiday spends.

Funnily enough it’s not just the victims of Pier Pressure that end up wishing they’d kept their money in their wallet. One quarter of those receiving cheap presents from returning friends and family last year bluntly described the items as ‘junk’.

With the average holidaymaker spending £21 on cheap holiday items, cash is certainly king - accounting for 72 per cent of purchases - and at least giving Brits a better chance of bartering with the locals. Credit cards account for 16 per cent, followed by debit cards (9 per cent) and travellers’ cheques (4 per cent).

Thrifty Scots make the least ‘Pier Pressure’ purchases, with only one-in-five of them doing so on their last holiday. Holidaymakers in the South East are the quickest to part with their money - 32 per cent of them confessed to buying travel tat last year.
Matthew Timms Director of cahoot online bank, commented: “Holidays are all about fun and splashing out, but as our research shows it is still important to keep a close check on your finances when you are taking a break. We would always advise customers to have a realistic budget and stick to it. As an online bank our customers can check there account anywhere in the world so they can always keep a close eye on their spending making sure that they keep a check on what they can really afford.”