Family holiday spend to fall this summer

Families are planning to spend significantly less on holidays this summer than in 2016, according to a new study by professional services firm Deloitte.

The study of 3,000 adults found those aged 35 to 54, who are most likely to have children, expect their holiday spending to be ‘markedly’ lower than last year.

It found they were expecting to spend seven percentage points less on long-haul travel and eight percentage points less on short-haul trips.

Conversely, those aged 55-plus are expecting to increase their spending on holidays over the next three months, with long-haul holiday spending up five percentage points from last year.

Deloitte partner Simon Oaten said: "Consumers with families, who may be feeling a squeeze on incomes, are showing signs of cutting back and have said that they are less likely to spend on holidays in Q2 2017.

"Older consumers are apparently less affected by the economic headwinds, and so are continuing to prioritise spending on holidays over the next three months."