Weak pound failing to dent holiday demand
17 March 2009 18:49
Evidence suggests that Brits are taking just as much holiday cash abroad with them despite the credit crunch, a trend that makes travel insurance a valuable proposition.
According to research from Sainsbury's Travel Money, Brits are having to convert 15 per cent more money into foreign currency than last year as a result of the weakening pound.
Figures from the financial company indicated that the overall value of currency transactions rose by a massive 36 per cent year-on-year in January.
Sam Marrs, head of Sainsbury's Travel Money, suggested that British holidaymakers have "suffered badly" at the hands of fluctuating currency markets, but suggested that this is not stopping them from taking breaks abroad.
"We're not even seeing a decline in the number of people heading to the eurozone, despite them having to pay far more to get the same value of foreign currency compared to last year," he added.
Last month, the Daily Mail suggested that people attempting to save money by holidaying without travel insurance are likely to lose out heavily in the long-run if they are forced to make a claim.