British holidaymakers are casting aside fears of a recession with plans to splurge out on overseas travel in 2002, according to a report out today.

The findings from Marks & Spencer show that 80% of Britons intend to take a trip abroad this year, with the average person planning to spend £1,196 on their holidays in the next 12 months.

Despite the fact that Londoners may earn the biggest pay packets, people from Yorkshire are expecting to spend the most at nearly £1,500 per person, over £500 more than the smallest spenders in the south-west.

Meanwhile, two-thirds of people aged between 45 and 54 are intending to splash out up to £15,000 on a holiday, while over 55's will have the cheapest breaks, parting with an average of just £862.

Donald Mackenzie, managing director of foreign money wholesaler FX Corporation, said the findings were welcome news for the travel industry. "Britons appear to be set for another holiday bonanza in 2002 and, despite the global crisis, people still want their place in the sun."

New research by Nationwide also revealed that more people than last year are planning to travel abroad in 2002, with 30% of Britons heading for Europe and 7% (up from 6% last year) planning a holiday in America.