British spending power in Europe increased
Thanks to the recent strength of the Pound against the Euro, there is a new purchasing power in town – the British Buck – aiding not only holidaymakers themselves, but also the flailing Eurozone countries they’re visiting.
Findings by my Travel Cash showed that British travellers had over £350,000 more to exchange this summer, resulting in a 15 per cent increase on last year’s holiday budget.
British purchasing power abroad is set to continue well into the winter months, as our gloomy weather encourages more trips to warmer climates
Buoyed on by the excellent rates, holidaymakers spent 35 per cent more in the Eurozone this summer than the same time last year, injecting much needed funds into the countries’ economies. Half of transactions were made in restaurants and independent shops, greatly aiding local retailers and business owners.
Myles Stephenson, founder and managing director of my Travel Cash, said: “It was widely reported in the lead up to summer that Sterling’s strength against the Euro would be good news for the British public but the proof is definitely in the pudding now we take a retrospective look back at the summer’s transactions and spends compared to that of last year."
While rates are admittedly not at the three-year high they were earlier in the year, holidaymakers heading abroad this half-term are still set to benefit, with £500 buying them €608 this week, compared to €547 in 2011.
Myles added: "What was less reported on but is still a valid point, is the contribution our holiday spends make to the economies of the countries we visited, especially those who have been struggling for example Spain and Greece.
“British purchasing power abroad is set to continue well into the winter months, as our gloomy weather encourages more trips to warmer climates. The current rates compared to last year’s are still extremely favourable meaning holiday-makers are getting more for their money and if the summer is anything to go by, are ready to spend!” he said.
My Travel Cash offers prepaid currency cards in Euro, US Dollar or Multi-Currency denominations. Visit www.mytravelcash.com for information about terms, fees or to order a card by completing the short form. An Express Delivery option is available allowing cards to be delivered in just 1-3 working days.
There are no ATM withdrawal fees on the cards, and users also benefit from 1% cashback on all purchases.
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