Travel News

Credit crunch 'affecting travel industry'

The credit crunch that is affecting the finances of large portions of British society is discouraging many people from travelling, according to a major survey.

A study by research firm Mintel found that nearly three in five British adults (57 per cent) have recently had to cancel plans to spend money as a result of the credit crunch.

One in five respondents to the poll said they had cancelled a family holiday, indicating that luxuries and treats are the first items to be crossed off lists of expenses.

Peter Ayton, Mintel's chief statistician, said: "People are starting to get a sense that things are not as easy financially as they once were.

"In light of the credit crunch, borrowing has now become harder and we are likely to see even more people having to make sacrifices when it comes to spending in the future."

According to John Nicholas, the director of currency exchange service Travelex, there are ways that people can get the most out of their money when planning trips abroad, such as ensuring that they get the best rates when exchanging their currency.

Steve Willey of moneysupermarket.com recently recommended the use of prepaid travel cards, saying that they can allow travellers to avoid paying additional fees when using cash machines and making transactions abroad.

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