Brits continue to holiday overseas despite credit crunch
11 August 2008
British holidaymakers are continuing to take their breaks abroad, in spite of the ongoing economic problems in the UK, according to On the Beach.
The online travel retailer reports that Brits are continuing to buy foreign holidays, despite greater financial restrictions, as a consequence of the credit crunch and rising cost of living. This in turn is driving demand for rental accommodation abroad.
Simon Cooper, chief executive of On the Beach, said: "Many of our customers are not willing to give up their hard-earned holidays."
However, he added that ‘value for money’ is of a growing importance to many Britons, with Turkey proving the number one destination at the moment. Growing tourism levels is boosting demand for property for sale in Turkey. This is partly due to the fact that the country is not in the eurozone, which means that Brits don’t have to trade in the euro currency, which is currently at a near all-time high against sterling.