The average British holidaymaker is set to spend almost £700 more on going abroad this summer than last year, research has found.
It is forecast they will fork out £2,115 on foreign breaks including accommodation, flights and spending cash – up 48% from an average of £1,425 last year.
Spain is still the number one destination to visit, according to personal finance comparison site Finder.
UK residents spent £11billion there and it expects 2023 to be the same.
In the rest of Europe, France came second with £4.9billion in spending, followed by Greece at £3.3billion, Italy, £2.8billion and Portugal, £2.5billion.
With its theme parks and lack of a language barrier, the US remains highly popular with British tourists, who last year spent £5.1billion there.
Two thirds (66%) told researchers they will go abroad despite the cost-of-living crisis, up from 53% last year.
Meanwhile, 27% do not plan to spend any money on holidays abroad this year and 7% are undecided.
Finder also said holiday spending by Britons abroad is returning to pre-pandemic levels. This fell to £13billion in 2020 but last year was back up to around £50billion, with this upward trajectory forecast to continue.
James Brockbank, founder of the Family Vacation Guide, said travellers are making up for trips lost to Covid.
He said: “This pent-up demand has led to a surge in bookings and a willingness to spend more on destinations.
“This, coupled with a desire for memorable experiences and a break from the monotony of daily life, has prompted people to allocate a higher budget for their holidays.”
Finder editor-in-chief Liz Edwards added that, while some of the increased spending can be put down to the fact that most elements of a holiday have become more expensive, people are still prioritising splashing out on foreign breaks.
She said: “There was a boom after Covid rules were relaxed and in the first few months of this year more people were booking holidays because they couldn’t wait to get away.
“The cost-of-living crisis has had an impact Travel agents have also reported while consumers have less money, overall they’re still prioritising holidays.”
Ms Edwards said trends have included booking holidays earlier than they previously would and a move towards avoiding traditionally busy periods.
James Clarke, of Travelzoo, said: “Previously, travel was a traditionally seasonal and predictable landscape.
“There would be peaks with people booking summer holidays and winter sun holidays and people would often look for last-minute deals.
“After Covid happened, it tore that up and we moved into a pattern of people not looking seasonally anymore.
“This year, we have seen one of the biggest surges for people booking holidays not just for 2023, but next year too. The forward projection looks strong with people seeking many different types of holidays and experiences.”
