Brits still keen to stay in holiday villas?

Despite the economic concerns that have been affecting the UK and its consumers for some time now, many people may still be prioritising their villa holidays.According to research conducted by LV=, Britons are maintaining their spending on so-called ‘lifestyle essentials’, which include vacations – potentially to holiday villas.

The firm found that people have spent a combined total of £143 billion over the last year on such extras and 35 per cent of individuals have reigned in their spending in other areas so they can maintain these luxuries.

LV= suggested that over the last year, the equivalent of £5,629 per household was spent on such things, which also included eating out, TV subscriptions and trips to the cinema, as well as to holiday villas.

The firm revealed that 50 per cent of the consumers it polled cited holidays and weekend breaks as lifestyle essentials and around £78.8 billion was spent on such trips over the 12 months to August this year.

Meanwhile, 22 per cent of respondents were not willing to cut back on their spending when it comes to vacations to holiday villas and other places.

Responding to the findings, LV= head of protection Mark Jones noted that consumers are not willing to relinquish the luxuries they have become accustomed to.

He stated: “The years of plenty have changed people’s expectations of what’s essential in their daily lives, and it’s clear that millions are determined not to let the credit crunch cramp their lifestyle.”

However, in a note of caution, he added: “Of course this won’t always be possible, and I would urge people to consider now how they would continue to pay for the real essentials and at least some of these little luxuries should their circumstances change.”

Indeed, there is still concern among some consumers concerning how the economy will progress over coming months and years in light of the spending cuts being implemented by the government.

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