Britons saving for the long haul
American Express Currency Index reveals British heading outside of Eurozone to get better return on their holiday spend.
New research reveals a marked increase in British travellers booking holidays to long-haul destinations, according to the latest findings from the American Express Currency index.
The index, which tracks the top 25 currencies for British travellers each quarter, has seen hot-spots such as Mauritius, Mexico, and the Caribbean destinations of the Dominican Republic and Jamaica, all make a notable climb in the currency league table.
The trend represents a transformation in the number of people travelling abroad to long-haul destinations outside of North America since the start of the financial crisis in 2008, when the pound fell in strength against both the Euro and the US Dollar.
Terry Perrin, Director at American Express Global Foreign Exchange Services said: “When the pound fell during the start of the financial crisis, it became more expensive for Britons to holiday with the Euro and the US Dollar. Therefore, when looking at the prices of holidays, Britons began to realise it would be more cost effective to look further afield and book holidays to destinations that previously may have been overlooked”.
Destinations closer to home, but still outside the Eurozone – such as Turkey - have continued to grow in popularity throughout 2010.
Perrin continues: “We have seen a 25% year on year increase in the amount of Turkish Lira bought since 2008. With an increasing supply of competitive packages allowing Britons to travel more cost-effectively than ever before, this destination is continually growing in popularity and looks set to yet again be a top holiday destination of choice for the British.”
But it’s not all positive, as the Currency Index also reveals the volume of Britons purchasing the Euro and the US Dollar decreased in 2010.
Perrin continues: “With the VAT rise making it more expensive to holiday in the UK, many people will be considering a trip abroad might offer better value for money. In this austere economic environment, it is very possible that many households will opt to take just one holiday this year and will likely visit an all-inclusive destination outside of the Eurozone.”
American Express Global Foreign Exchange Services also announces the launch of TravelMoneyNow.com, a new online service that offers travellers a simple and convenient to order currency online. TravelMoneyNow.com offers maximum convenience, enabling travellers to pre-order foreign currency at highly competitive rates and then select the airport where they would like to pick it up. The pre-ordered currency can be collected at American Express bureaux at Heathrow, Edinburgh and Glasgow airports.