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Brits have retained their desire to travel, despite feeling the pressure to spend less, a new study has revealed.
The First Rate Exchange Services’ annual Holiday Confidence Index (HCI) sought the opinions of 5,000 consumers to see if and how current economic conditions are influencing their approaches to holidays.
More Brits are planning to travel abroad over the next 12 months, despite only 19% expecting the UK’s economy to grow in the same period.
Just over half (54%) of respondents revealed that they plan on taking a holiday in the next 12 months, while 18% had yet to decide on their plans.
Of those intending to travel in the next 12 months, 44% have already booked their holiday, indicating that there has been an increase in the number of Brits travelling abroad.
However, despite Brits still wanting to travel, a number are cutting the length of their trips abroad to be able to visit a variety of destinations.
The survey shows that Europe continues to be the most popular destination for British travellers, with 73% of respondents planning a trip to the continent, while interest in North America has dropped.
First Rate Exchange Services’ Head of Insight Liam Hodge said: “Doubts about personal finances are bound to make people more cautious about what they spend, but the Holiday Confidence Index underlines the importance of overseas travel.”
Around 30% of holidaymakers revealed they intend to take a break for a maximum of six nights, which is 3% more than those planning a seven-night break.
Consumers also revealed that they don’t plan on spending more on their holiday than they did last year, despite an increase in the overall cost of holiday prices.
If you’re thinking of travelling abroad this year, be sure to organise your single trip travel insurance in advance.
Date Created: 03/11/2017