Credit crunch not deterring tourists
The recent economic slowdown in the UK is not putting British consumers off travelling abroad, a holiday firm has revealed.
According to TUI Travel, the number of summer holiday bookings in the last 6 weeks is 8% up on this time last year.
This is despite the fact that many consumers are being forced to tighten their belts as a result of the credit crunch and rising living costs.
Peter Long, chief executive of TUI, said he has seen no evidence that the current problems in the global economy are affecting the tourist trade.
He commented: "This confirms our research that the annual holiday is an important component of the family budget."
This will be a welcome development for owners of rental accommodation in popular tourist destinations, as many rely on the tourist trade to generate returns on their investment.
The findings come after the Association of Independent Tour Operators said a holiday is now seen as a necessity rather than a luxury.
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