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Credit crunch affecting holidays?

26 January 2009 10:30

Credit crunch affecting holidays?

It looks like the credit crunch has finally caught up with less thrifty Brits, with many being forced to rein in their spending.

Expensive holidays, it seems, are the luxury which we are most likely to dispose of, followed by home improvements and buying a new car.

A study by market analysts Mintel found that 20 per cent of people are delaying their holiday plans until the economic situation improves.

Peter Ayton, chief statistician at the group, said: "People are clearly 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 their spending in the future."

In order to make the most of their money, holidaymakers that do want to go ahead with their plans are being urged to opt for a trip to the US.

Unlike Europe - where the euro is currently strong against the pound - the weak dollar across the pond is likely to see UK travellers stretch their spending money much further. ADNFCR-1320-ID-18554328-ADNFCR