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Six million travellers blow holiday cash
26/08/2005
• More than a third (38 per cent) of UK holidaymakers panic spend to use up their overseas holiday cash.
• Almost three quarters (72 per cent) regret last-minute purchases.
• One in ten spend leftover money on unwanted souvenirs with straw donkeys and sombreros still popular.
With the end of the summer looming, UK travellers will be regretting more than just too much sun and sangria when they return home. According to research released today from Post Office travel services six million UK holidaymakers claim to have blown all of their leftover holiday cash on last-minute unwanted souvenirs and gifts. The survey, commissioned to understand the spending habits of UK holidaymakers, reveals that more than a third of travellers (38 per cent) will go out of their way to use up the last of their foreign currency before returning home. However, nearly three quarters (72 per cent) will end up regretting their last-minute purchases of holiday gifts and souvenirs. Almost a quarter of respondents (22 per cent) admit that their last-minute purchases are a complete waste of money, and a further 28 per cent end up giving them away when they return home. According to the research, more than a quarter (26 per cent) of respondents budget between £50 and £100 per day for their holiday spending money. In addition, ...cont/
two out of five (41 per cent) UK holidaymakers admit to ‘last-minute splurging’, spending more than their daily budget on the last day of their holidays. Hugh Stacey, head of travel services at the Post Office®, said: “Our research demonstrates that the phenomenon of the “last-minute holiday splurge” results from holidaymakers trying to use up their cash on the final day of their holiday. With almost three quarters of people regretting their holiday purchases, we are reminding UK travellers of the benefits of keeping hold of their currency and changing it back when they return home.” Novelty clothing tops the list when it comes to last-minute purchases, with almost one in ten (eight per cent) buying holiday t-shirts and baseball caps. Traditional souvenirs still prove surprisingly popular with a further eight per cent returning home with straw donkeys and sombreros. Boredom is the number one reason for impulse buying, with nearly two-thirds (63 per cent) of UK travellers shopping on the last day of their holidays to help ‘kill time’. However, nearly a quarter (22 per cent) later wish they had saved their leftover money. To help holidaymakers avoid wasting money on last-minute unwanted goods, Post Office travel services is reminding UK travellers that they can cash-in leftover foreign currency,
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commission-free, at any of the Post Office®’s 14,600 branches nationwide. The Post Office® is the market leader with a 25 per cent share of the foreign currency exchange market with foreign exchange services available at 14,600 branches across the country. • A commission-free buy-back service for 72 foreign currencies is available at all 14,600 Post Office® branches nationwide (on production of original Post Office® receipt).
• A commission-free buy-back service for 72 foreign currencies is available at all 2000 Post Office® on-demand branches (no receipt required).
• 72 foreign currencies are available for pre-order at all 14,600 Post Office® branches across the UK.
• 50 currencies are available to purchase immediately over the counter from one of the 2000 on-demand branches.
• Currency purchased from pre-order branches must be purchased by 1pm to receive next day delivery.
• Post Office travel services provides great value travel insurance, commission-free foreign currency, a passport application ''check & send'' service, passport photos, international money transfers, holiday phone cards, EHIC forms and huge savings on car-hire and pre-booked holiday extras.
The information contained in this press release should not be relied upon to make financial decisions.
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By;- Post Office Travel Services
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