UK/INTERNATIONAL. The Euro has seen steady volume increases in sales and remains the most popular currency among UK holidaymakers, according to the Currency Index published by American Express Global Foreign Exchange Services, covering the first half of 2010. The Index offers insights into the changing demand for foreign currencies among UK travellers (see table below).
The Hungarian Forint, Danish Krone and Croatian Kuna have also moved up the index compared to the same time last year, indicating that travellers are again embracing the continental short break, which was popular before the recession.
Comparatively, some of the favourite long-haul destinations have seen a decrease in volume sales in the period, including Australia, UAE, Hong Kong and China.
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The increase in demand for European currencies indicate the return of the continental short break, says American Express |
American Express Global Foreign Exchange Services Director of Trading & Business Development Terry Perrin explained: “Since the end of 2008 we have seen various indications of Brits stepping away from the mini-break destinations in favour of 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.
Perrin added: “For the second quarter in a row, the Euro has steadily increased in terms of volume, and if Sterling continues to appreciate against the Euro we could see the love affair with Europe blossom – perhaps back to the pre-recession levels.”
Turkey and Egypt are predicted to remain popular with holidaymakers for the rest of the 2010 summer season, enticed by the sunshine and all-inclusive package deals.
Perrin continued: “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.”
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Source: American Express Global Foreign Exchange Service |
About the American Express Currency Index
The first Currency Index launched by American Express Global Foreign Exchange Services provides insight into year-on-year industry trends and fluctuations in demand for foreign currencies. Using American Express’ extensive Wholesale Currency Service database featuring 130 of the world’s currencies, the Index focuses on the top 25 best-selling currencies as purchased in the UK.
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