The purchasing power of British travellers to the major holiday destinations in Europe has dropped in recent years, research by a leading travel insurance company reveals.
Halifax Travel Insurance says that over the last four years, purchasing power of UK tourists to some European cities has reduced by 16 per cent.
Therefore, those travelling to Germany for this year’s football World Cup would need to take 13 per cent more spending money than they would have taken in 2002, the insurance company states.
Spain was revealed as the country that has seen the most significant reduction in purchasing power of Britons, followed by Italy, France, Germany and Greece, according to the holiday purchasing power index (HPPI) by Halifax.
Vicky Emmott, senior underwriting manager for Halifax Travel Insurance, says holidaymakers should not only consider the cost of accommodation and travel when they plan a vacation, but also how much it will cost to shop and use services in the foreign country.
The insurance company also found that British travellers’ purchasing power reduced by five and seven per cent respectively in America and Australia.
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