Wed, 12 Jul 06
Britons have spent £4 billion in the last five years on unplanned purchases at airports according to Halifax Travel Insurance – £817 million of which was spent merely to use up left over local currency. Halifax Travel Insurance has termed this phenomenon ‘money dumping’ - purchasing items at airports to use up surplus local currency.
According to Halifax Travel Insurance’s research the average British holidaymaker has ‘dumped’ £48 at airports in the last five years. But 314,000 British adults ‘dumped’ over £1,000 and 46,000 ‘dumped’ a staggering £2,500.
Contrary to the stereotype that women are the biggest spenders men are the worst offenders when it comes to money dumping. Over the last five years men have 'dumped' on average 65% more foreign currency at airports than women, spending £61 versus £37. Men are most likely to spend left over currency on alcohol with women preferring to invest in perfume.
The research also indicates that the trend is set to continue estimating that over £163 million worth of foreign currency will be dumped by British holidaymakers at airports over the next year.
Whether money dumping is attributable to boredom whilst waiting for flights, or a tendency to be more frivolous with money on holiday, spending in airports accounts for a significant amount. Once they’ve used up their surplus local currency in airports British holidaymakers continue to spend billions more on credit cards and travellers’ cheques – a further £3.2 billion more over the last five years.
Taking into account 'dumped' currency and all unplanned purchases whether on credit cards or travellers cheques the average British holidaymaker spent £182.77 in airports at the end of their vacations over the past five years. That's an average of £36 pounds wasted by every holidaymaker each year.
Again, men were the biggest spenders spending on average £223 – 25% more than the average amount spent by women. It is predicted that British holidaymakers will spend £816 million in airports at the end of vacations over the next year.
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