This January will be the most popular month for people to book holidays for the coming year, with 6.4 million people across the nation looking to book getaways this month.
Research from Sainsbury’s Bank Travel Insurance shows more than three quarters (76%) of UK adults will go on holiday in 2020, spending an average of £757 each per getaway.
Cruises are the most expensive type of holiday with these holidaymakers planning to spend an average of £1,650 each.
Sun, sea, and sand are the biggest draws for UK holidaymakers with 40% choosing an overseas beach holiday this year, at a cost of £1,039 per person.
Other popular vacations are overseas city breaks (28%), at a cost of £588 per person, UK city breaks (24%), costing £356 per person, UK seaside holidays, and UK countryside and walking holidays, at £380 per person.
Although holidaymakers are willing to spend significant sums on heading overseas, a fifth (22%) will not be buying travel insurance.
A further 22% will only buy their travel insurance in the week before they travel.
These statistics are “concerning” in light of Sainsbury’s Bank insurance claims data, it said, which found a typical travel insurance claim was £631 in 2019, nearly the average cost of the holiday people said they were planning.
Sainsbury’s Bank’s travel insurance claims data shows that half of all claims were due to medical expenses, a fifth for lost or stolen personal possessions, and 15% for cancellation, showing how travelling abroad without insurance can be a big risk to take.
Jason King at Sainsbury’s Bank said: “Booking a holiday at the start of the year will certainly help chase away those January blues. Taking it easy is one of the biggest draws of a holiday, however unexpected events can happen.
“Think about what kind of travel insurance policy you need as soon as you’ve booked your holiday.”