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Brits lose money on holiday by following the herd

Brits lose thousands of pounds on travel by not shopping around.

The British public are forking out more money for their holidays as they are 14 per cent more likely to book a vacation if they see their friends or family doing the same, a study has revealed.

And around 10 per cent of people were more likely to book a holiday when they see a message similar to "10 other people have booked this in the last 24 hours".

And if the message says 40 people have booked this, the public are 14 per cent more likely to hand over their money to have the same experience, whatever the cost.

In fact, travelers were more persuaded by good reviews of their chosen hotel, villa or holiday apartment, rather than the price point.

And whilst 60 per cent of British people like to use price comparison sites to find their next holiday, 80 per cent of the public don't believe it will give them the best deals.

The study was carried out on 1200 participants and was a joint effort between IHG Rewards Club and Dr Joe Gladstone, a behavioural expert from University College London.

Assistant Professor Joe Gladstone said: "Our brains have evolved to respond in these ways for good reasons: copying the herd helps us make quick decisions, and can be a very sensible thing to do if we do not have time to make an independent decision under pressure.

"But these ways of thinking can sometimes lead us astray - or allow us to be led astray. Consumers are bombarded with these kinds of marketing tactics every time we go online, and the study clearly shows that they work - when unsure, we simply follow the person ahead of us, even if it's not a good deal."

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