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Currency fears lead to Brits staying at home

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Written by: Emma Lunn
22/08/2019
Brits are shunning foreign holidays due to money worries and confusion over currency, according to International Currency Exchange (ICE).

Continued turmoil around Brexit over a possible no-deal is causing widespread confusion over currency and travel plans, as four in 10 (39 per cent) Brits have not left the country to go on holiday in the past year.

Research by foreign exchange provider ICE found that four in 10 (40 per cent) Brits aged 50 and over said their biggest limitation to taking more holidays was cost.

Amid money worries, those Brits who are travelling abroad are opting for familiarity with a third of baby-boomers returning to the same destination every year and picking trips that are ‘comfortable and familiar’ (30 per cent).

Louis Bridger, head of UK at ICE, said: “Every time there has been added Brexit turbulence, it hasn’t been good news for consumers and their travel money. A weaker pound would, of course, mean more expensive holidays for Brits but our message to travellers is ‘don’t panic’. While being more financially aware of the economy and its impact on your finances is a good thing, you can still enjoy the things you love and get away on holiday abroad so long as you’re savvy with your spending.”

According to research by KPMG, which looked at the effects of spending due to Brexit, more than a fifth (22 per cent) of British consumers having avoided ‘big ticket’ purchases due to Brexit-driven uncertainty, with overseas holidays sales the hardest hit.

Those people that are still keen to travel abroad should look beyond the Eurozone for good value destinations. Destinations where Brits can enjoy excellent value include Turkey, South Africa, Poland, Romania and Morocco.

The best way to guard against any negative fallout from Brexit is by planning ahead. Given the volatility of the market, travellers can prepare for a further drop in the pound by ordering travel money sooner rather than later. As a general rule, you’ll get a much better rate when you order your travel money online, rather than waiting until you get to the airport.

 

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