Credit crunch worries travellers
A travel content source and a company in low cost travel insurance announced results this week of their recent survey of 1162 travellers worldwide.
The study revealed that global consumers are worried about the recession and financial crisis but are going ahead with their travel plans anyway.
The survey showed a divided world. Whilst 51% of travellers plan to fly the same amount this holiday season, 22% said they planned to travel even more than in 2007. However, 43% of the survey participants answered that they felt "terrible" about the credit crunch, but only 15% have cancelled their trip.
American's showed to be the most financially conscious as they stated they were more worried about the economy than the rest of the world. Thus, their travel plans were affected to a higher degree.
68% of Americans felt "terrible" about the economic downturn with 22% cancelling their flights. Whilst 40% of Americans plan to fly less this season and 44% plan to spend less money on their next holiday.
However, the travel source said that travel cover is vital to many and it is also the least affected industry by the economy with 10% of respondents saying they were more likely to purchase such insurance policies due to the financial situation.
It was stated that only 7% would cut out travel insurance before dropping other expenses such as trip length, food and accommodation. 32% of participants said that they buy travel insurance every time they go away.
However, overall it was noted that travellers would cut back on accommodation first. 27% said they would reduce accommodation spending first, with 24% saving by staying in more modest accommodation.
Credit Crunch means ways to save money
The survey found that although most people refused to give up travelling, they would ease their mind by looking for additional cost saving measures.
30% said they would spend more time planning their holiday, whilst 31% stated they plan to save money by travelling during off-peak season. 51% of American's believed that "looking for travel deals" was the best way to find better deals and save money.
Meanwhile, another leading travel insurance company also surveyed Americans and looked at 1,100 participants on how they chose to save money.
According to American Express, 77% of those asked were looking for more holiday bargains than in the past, and 53% of surveyed travel agents said that vacation travellers were "purchasing travel protection for delayed and cancelled reservations."
40% of holiday goers also decided to save money by booking shorter, closer to home flights.
The best travel bargains found by 53% of the surveyed agents are in cruises, whilst tour packages offer other great deals according to 38%.
The study revealed that global consumers are worried about the recession and financial crisis but are going ahead with their travel plans anyway.
The survey showed a divided world. Whilst 51% of travellers plan to fly the same amount this holiday season, 22% said they planned to travel even more than in 2007. However, 43% of the survey participants answered that they felt "terrible" about the credit crunch, but only 15% have cancelled their trip.
American's showed to be the most financially conscious as they stated they were more worried about the economy than the rest of the world. Thus, their travel plans were affected to a higher degree.
68% of Americans felt "terrible" about the economic downturn with 22% cancelling their flights. Whilst 40% of Americans plan to fly less this season and 44% plan to spend less money on their next holiday.
However, the travel source said that travel cover is vital to many and it is also the least affected industry by the economy with 10% of respondents saying they were more likely to purchase such insurance policies due to the financial situation.
It was stated that only 7% would cut out travel insurance before dropping other expenses such as trip length, food and accommodation. 32% of participants said that they buy travel insurance every time they go away.
However, overall it was noted that travellers would cut back on accommodation first. 27% said they would reduce accommodation spending first, with 24% saving by staying in more modest accommodation.
Credit Crunch means ways to save money
The survey found that although most people refused to give up travelling, they would ease their mind by looking for additional cost saving measures.
30% said they would spend more time planning their holiday, whilst 31% stated they plan to save money by travelling during off-peak season. 51% of American's believed that "looking for travel deals" was the best way to find better deals and save money.
Meanwhile, another leading travel insurance company also surveyed Americans and looked at 1,100 participants on how they chose to save money.
According to American Express, 77% of those asked were looking for more holiday bargains than in the past, and 53% of surveyed travel agents said that vacation travellers were "purchasing travel protection for delayed and cancelled reservations."
40% of holiday goers also decided to save money by booking shorter, closer to home flights.
The best travel bargains found by 53% of the surveyed agents are in cruises, whilst tour packages offer other great deals according to 38%.
Source...