Brits are preparing for high costs abroad this summer. Holiday spending money budgets have gone up by as much as 46% this year compared to last according to analysis of currency orders from foreign currency expert ICE (International Currency Exchange – www.iceplc.com). The average order value for the top ten currencies sold by ICE (see table) is now £746 compared to £634 last year.
ICE has found that the average order for Euros has risen 42.7% from £625 in May 2010 to £892 in May 2011 and travellers to Mexico are now taking 46% more currency than they did last year. £727 is the average order value compared to £498 in 2010.
It’s a similar picture for the rest of the ICE top 10 list of currencies ordered. The average order value for the US Dollar is now £1005 despite the current strength of the Pound against the USD (up 11.38% compared to May 2010).
The one exception is the Croatian Kuna – average orders have dropped from £701 to £601 year on year. Croatia is becoming a firm favourite amongst ICE customers with orders pushing the Croatian Kuna to 5th position on the ICE currency chart. With little change in exchange rates year on year Brits have a level of certainty over their spending power in this value destination.
Joanna Williams, Head of Marketing for ICE said: “We are seeing average orders year on year increase by at least £100 – those travelling to Europe are taking £227 more on average. It certainly suggests that travellers are anticipating higher day to day costs than last year due to the weak Pound and a general acceptance that everyday life has just got more expensive.
“This makes it all the more important for travellers to shop around for the best exchange rates and consider prepaid cards, such as ICE’s Travellers Cashcard, to help budget for their holidays.”