The average Brit will spend £207 over the course of the three-day weekend, compared to £94 on a normal one, with eating out high on the list of activities, the report showed.
Anita Naik, consumer editor of Vouchercodes.co.uk, commented: “As the summer draws to a close, it’s clear that we Brits are keen to go out with a bang, splurging more than double the amount we usually would as we make the most of the extra day off.”
Throughout the year, people spend an average of £907.52 per head to make the most of their bank holidays.
Going out for lunch ranked third in the respondents’ favourite things to do on a bank holiday, with dinner and breakfast out in fifth and sixth positions.
The survey also revealed that Brits have at least three meals out at bars or restaurants on bank holidays, compared to just one on a normal weekend.
Overall, Brits are set to spend £1.86bn over the August bank holiday, and other paid-for activities include day trips, weekend getaways and visiting attractions.
West Midlands residents are set to splurge the most, spending 90 per cent more than on a normal weekend (£354.27), followed by Londoners at £350.29 (80 per cent more) and people in Yorkshire, who will spend £310.98 (98 per cent more than usual).
People in the West Midlands are also most likely to hit their local attractions and eateries over the bank holiday, whilst the people of Wales are most likely to leave town and go away for the weekend.
The survey was conducted by One Poll on behalf of VoucherCodes.co.uk, on 2000 UK adults between 10 and 21 May 2014.