The ONS revealed that there was a 5% decrease in visits to North America by UK holidaymakers this year, whilst at the same time visits to Europe had decreased by 2%. With the future of the UK’s place in Europe arguably more uncertain than previously, and recent figures by the ONS stating that travellers are spending less – not only on holidays but in retail too – we are now asking ourselves the question, how exactly will Brexit affect our everyday lives? Peer-to-peer travel money provider, WeSwap, has commissioned nationally representative research to find out how the nation believes the likelihood of Brexit will impact their holiday travels:
– 54% of holidaymakers (28.1 million) are most concerned about the impact that Brexit will have on the cost of foreign currency and holidaying in general
– 63% of millennials are concerned that the cost of their holidays will increase once the UK leaves the European Union
– 64% of Londoners and 60% of Scots are concerned that holidaying in general will become more expensive
– Out of those aged 55+, who voted overwhelmingly to leave the EU, only 24% believed Brexit would not make their holidays more expensive
– 30% (15.6 million) believe that Brexit will affect their holidays more than any other aspect of life
– 43% of those aged 18-34 believed that their travels abroad would the area of life most affected by the UK’s withdrawal from the European Union
The research paints a picture – over 28 million of us are most concerned about the impact that Brexit will have on the cost of foreign currency and holidaying. As the future still remains unclear, it is difficult for those wishing to book holidays this winter may be put off due to current political events.
Rob Stross, CMO of WeSwap comments on the research: “It is near impossible to predict exactly how Brexit and upcoming political events will impact our everyday lives and our freedom to travel to all corners of the globe. For those who are still planning on booking a winter break, it is best to prepare as early as possible for any possible outcome. From travel insurance, checking passports to buying foreign currency, preparing these as early as possible is more likely to mitigate risk.
“As for travel money, it is always best to exchange money as early as possible. Last minute travel money purchases, in locations such as at airport bureaux, are always likely to lead to less bang for your buck as merchants are able to offer whatever exchange rate they like, knowing holidaymakers have no choice but to accept. As for those who are concerned about the possibility of the pound’s value falling further due to current political events, it may be best to buy half of your holiday money today and half later. That way, you can assure that you avoid paying higher rates on all of your cash.”
