A collective £23.3 billion is spent by British travellers while overseas every year - but it is European destinations that seem to take the most money, new research has indicated.

In an analysis of figures from the Office for National Statistics, Alliance & Leicester said that six of the top ten countries for daily holiday spending are in Europe - perhaps surprising given that some travellers may perceive long-haul destinations as being more expensive.

While Australia, New Zealand, the Americas and Thailand topped the country list for the highest spend per person and per family on each holiday, Iceland and Estonia came top in terms of spending per day.

"Holidays are meant to be a time of enjoyment but often the cost of going abroad, especially for a family, can be quite substantial," commented Richard Al-Dabbagh of Alliance & Leicester.

Last year, a survey by the bank revealed that Australia and New Zealand are the top travel spots for holidaymakers over the age of 50 - which may be indicative of the relatively higher affluence of this age group.

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