News
Credit crunch sees holiday spend slashed
31 March 2008
Fun and laughter will not be had by one in five Brits this year as the summer holiday emerges as one of the biggest victims of the UK credit crunch.
According to research by MoneyExpert.com, 20 per cent of people intend to cut back on spending this year by not going abroad this summer, while a further 16 per cent will not holiday domestically either.
Sean Gardner of MoneyExpert.com, said: 'The credit crunch is moving on from being something that just affects bankers to having real effects on real people in the real economy.'
The research showed that 26.3 million adults will reduce spending this year, with other big losers being food, clothes and entertainment spending, while 12 per cent will put plans to buy a new car on hold.
Research by Halifax Travel Insurance in 2005 found that nearly 50 per cent of Brits aged between 18 and 20 went on holiday three times a year, while France, Spain and the US topped the list of most popular holiday destinations.
Opodo is a leading online travel company offering flights, hotels, rental cars and holidays worldwide. Search for travel deals.
According to research by MoneyExpert.com, 20 per cent of people intend to cut back on spending this year by not going abroad this summer, while a further 16 per cent will not holiday domestically either.
Sean Gardner of MoneyExpert.com, said: 'The credit crunch is moving on from being something that just affects bankers to having real effects on real people in the real economy.'
The research showed that 26.3 million adults will reduce spending this year, with other big losers being food, clothes and entertainment spending, while 12 per cent will put plans to buy a new car on hold.
Research by Halifax Travel Insurance in 2005 found that nearly 50 per cent of Brits aged between 18 and 20 went on holiday three times a year, while France, Spain and the US topped the list of most popular holiday destinations.
Opodo is a leading online travel company offering flights, hotels, rental cars and holidays worldwide. Search for travel deals.
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