Overseas holidays to feel effect of credit crunch
Ferry Online Travel News 11/12/2008
Overseas holidays are likely to lose ground to good domestic alternatives, a new study indicates.
Holidaymakers are most likely to sacrifice short breaks abroad in the current recession, but fewer are saying that they will cut out breaks nearer home, even though the drive to save money has increased.
Ninety per cent of those responding indicated that they are cutting down on spending, but only 45 per cent said they would cut back on holidays or short breaks.
Other means of cutting back on spending noted in the survey included reducing expenditures on food, clothing, entertainment, fuel and small luxuries.
The study was conducted for Visit London and Visit Britain, and clearly indicates that Britons value their breaks as important ‘stress-busters,’ meaning that they are not likely to be sacrificed.
Another suggestion from the results of the study is that the promotion of holidays in Britain could be successful at this time, particularly if high quality experiences are offered at good prices.
What the recession may mean for many is abandoning the annual holiday abroad, which some travellers are already doing, due to the poor exchange rate of the pound to the dollar and the euro.
Around 20 per cent of those who went on a holiday abroad last year indicated that they would take their next break in the UK instead.
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