American Express Q2 Currency Index indicates British favour returns to Europe
British holidaymakers reignite their affair with Europe as an increase in demand for several European destinations indicates trending that Brits are returning to the continental short break, which was popular before the recession.
As well as a steady volume increase for the Euro, the Hungarian Forint, Danish Krone and Croatian Kuna have all moved up the American Express Global Foreign Exchange Services Currency Index compared to the same time last year. Comparatively, some of the favourite long haul destinations have seen a decrease: Australia, UAE, Hong Kong and China.
Brits reignite mini-break trend
Terry Perrin, Director of Trading & Business Development at American Express Global Foreign Exchange Services explains: “Since the end of 2008 we have seen various indications of Brits stepping away from the mini-break destinations in favour for long-haul. As belts were tightened during the recession and European exchange rates were less favourable, holidaymakers opted for a once-a-year holiday, rather than the multiple mini-break trend we have seen previously.
Euro back in favour
Perrin continues: “For the second quarter in a row, the Euro has steadily increased in terms of volume, and if the sterling continues to appreciate against the Euro we could see the love affair with Europe blossom – perhaps back to the pre-recession levels.”
American Express Global Foreign Exchange Service predicts that Turkey and Egypt will continue to be popular for the rest of the 2010 summer season with holidaymakers enticed by the guaranteed sunshine and all inclusive package deals.
Perrin continues, “While it is likely that Spain will remain the number one package holiday destination for British families this summer, 2009 currency climbers, Turkey and Egypt, are likely to continue their growth in popularity.”