Added costs of Brexit not putting off Brits from wanting to travel
Large falls in the value of the pound since Brexit has added hundreds of pounds to the cost of holidays but it’s not putting people off from travelling abroad.
A 16% fall in the pound against currencies used in the top 10 holiday destinations in the last two years could potentially make the cost of travelling £200 more expensive for Brits.
However the research from currency specialist Caxton FX showed this hasn’t been enough to put off some 72% of those surveyed from planning a holiday in 2017, as doing so “gives them something to look forward to”.
With the pound dropping 18% versus the dollar, travelling Stateside is becoming even more expensive, but three in 10 said given how uncertain the world is currently, planning a holiday “takes their mind off things”.
Indeed some 28% of those polled said they wanted to go to Europe now, just in case it becomes more difficult to do so after Brexit.
In terms of actual holiday planning, the research showed the average holidaymaker spends just over 11 hours thinking, planning and researching each holiday, while 16% spend over 30 hours doing so. Many workers (55%) plan holidays at the office, looking at accommodation, flights and activities but travel insurance is last on the agenda as just 14% said they looked at these costs. And when it comes to currency, only 15% look at exchange rates to get the best value holiday money.
Rupert Lee Browne, chief executive officer of Caxton, said: “The way that we travel has changed dramatically in recent years. The rise of low cost flights and the independent review websites have opened up more of the world to us and made foreign travel much easier and more affordable. It’s not surprising that people spend so much time thinking about and researching their holiday as it’s great fun, but it is worrying that many don’t check their travel insurance.”