Britain's had a lot on its plate recently, and we're not talking about the unexpectedly sweltering heatwave that's had the whole country go into near meltdown. We are, of course, referring to the shock Brexit result that rocked the nation as voters chose to leave the EU a few weeks ago.
As the result came in and the pound subsequently hit a new 31-year low, the travel industry began to cast their predictions about what this could mean for those who might have been considering a summer trip to the continent over the coming months and how it might affect bookings. As the dust settles in the aftermath of Brexit, a new report from The Guardian reveals the future's looking bright for the British tourist industry with seaside resorts and picturesque rural locales gearing up for a bumper summer as UK tourists embrace the staycation in order to make their money stretch further.
The report suggests that the 10% drop in value of the pound against the euro has dramatically affected the cost of a holiday to the continent and that a eurozone holiday for a family of four now costs £245 more than it would have done before Britain voted 'leave'. The article predicts that this significant increase in cost may have a similar effect to the 2008 financial crisis and that a further 5% (2.5 million people) of Brits will choose to forego their summer holiday abroad and pick a destination a little closer to home this year. However, travel businesses might want to consider the fact that families and groups could be more receptive to package holidays, all-inclusive deals and combined offers that help keep holiday costs stable without sacrificing their overseas experience.
"The prices for many of these will have been set well before the drop in the pound and by knowing your food, drink and entertainment are already paid for before leaving the UK, you are insulated from any increase in holiday costs. We are already seeing an increase in popularity in this holiday option by savvy deal hunters," Bob Atkinson from Travelsupermarket told The Guardian.
Figures from VisitBritain have charted a record first quarter with spend on domestic holidays up 23% to £1.8 billion. Additionally, the drop in value of the pound has had some positives in the industry as it has caught the attention of a substantial proportion of overseas travellers. Figures from cheapflights.com documented that shortly after the results of the referendum were in, flight searches to the UK began to rise. Searches from the US doubled whilst there were rises of 49% in searches from Canada, 61% from China and 31% from Europe.
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