Nationwide has issued a £498 alert for customers who have summer holidays booked, as research reveals that global events are driving a trend toward 'delaycations' and staycations. The mutual, which has branches in Birmingham, found that 23 per cent of people say global events have already impacted their holiday plans.
Key Findings from Nationwide Research
According to the survey of 2,000 people conducted in May, nearly one in four (23%) have had their holiday plans altered by global events. Among those affected, the most common responses include delaying decisions (28%), increasing flexibility (22%), and booking UK holidays instead of travelling abroad (23%). Others are choosing cheaper trips (17%) or shorter breaks (16%), while 15 per cent are cancelling holidays altogether or switching to day trips.
Spending Patterns
Customers spent an average of £498 on holidays between January and April last year, compared to £492 in the same period this year, reinforcing signs of more cautious consumer behaviour. Concerns linked to Iran and fuel costs are influencing decisions, with 18 per cent of those whose plans have changed citing this as a reason for not going away this year.
Rise of the 'Delaycation'
Overall nervousness remains high, with over four in ten (41%) cautious about booking holidays and a third holding off or keeping plans flexible. Mark Nalder, Payments Director at Nationwide, said: “Our latest research shows that uncertainty this year is having a clear impact on people’s holiday plans. It could also be we are seeing the rise of the ‘delaycation’ as many choose to delay booking holidays, while a growing number are cancelling plans or opting for UK staycations to keep a tighter grip on their finances and budgets.”
Managing Finances
Nalder added: “Quick transfer features and budgeting tools like those on our app can be a big help when balancing spending and managing money when plans change.” The findings highlight a shift in consumer behaviour as people adapt to economic pressures and global uncertainties.
