Two thirds of people in a new survey from KBC Bank say they are now saving for holidays rather than borrowing for them or putting it on their credit cards.
The latest KBC Savings Barometer revealed that out of 500 people surveyed, 50% of Irish consumers booked a holiday this year.
67% said they saved for their holiday while only 3% took out a holiday loan. 29% still prefer to use their credit card to pay for their holiday.
For those that go abroad, €1016 is average spent compared to €927 for those who choose to holiday at home.
People with dependent children spend significantly more than those who do not and those living in Munster are also higher holiday spenders.
Out of 396 people who have a savings account with the bank, 48% said they intend to increase their savings in the next 6 – 12 months.
The survey found that consumers are beginning to save for Christmas.
More than one third of Irish adults said Christmas is the next big item for planned savings, followed by a holiday (17%), school expenses (12%) and a car (10%).