Published on : Saturday, February 18, 2017
On account of the post-Brexit slump in the value of the pound, thousands of vacationers are changing their travel plans. According to a new research, it might be possible that eight million travellers are planning a “staycation” in the UK to save money instead of going abroad.
Forty-one per cent of a recent survey of 2,005 British travellers claimed that sterling’s slide since the UK voted to leave the EU had affected their holiday plans, with 16 per cent saying they had decided to stay at home.
The survey showed that half of the young people had to tighten their holiday budgets with the falling value of pound. According to Columbus Direct, the travel insurance company, sterling will buy less in Australia and Norway in particular. A Briton heading to Australia, as of February 1, will now only get A$830 back from £500, as opposed to A$1,014 a year ago – a reduction of £111.27. While travelling to Norway will be £103.13 poorer from the exchange of £500 than they would have been in early 2016. Britons will also have less in their pockets in America, where £500 is now worth $88 (£70.27) less than last year.
Rob Thomas, Head of Brand at Columbus Direct said that they have enjoyed a strong currency for many years so the reduced strength of the pound is going to be noticeable for holidaymakers when it doesn’t go as far as it used to.
Japan, Mexico and Malaysia are countries which had less of an impact following Brexit. When it comes to keeping an eye on spending, 11 per cent of those questioned in the survey claimed to set a holiday budget in advance. Eight per cent said they are reducing the number of holidays they will take and 7 per cent plan to travel on a self-catering basis in order to make savings.