A thorough market research suggested that in 2017, due to the fallen value of Pound, rising oil price and most importantly Brexit, the travellers from Britain might witness a 20% hike in the cost of travel.
According to a study conducted on 15 travel firms of UK, by the UK based travel booking website, Travelzoo, the geopolitical events are also adding more burden on the travel firms of the country.
The Managing Director of Travelzoo, Joel Brandon-Bravo informed that in popular travel destinations of Spain and France, the travel firms are also witnessing price hike on hotel rates and other costs. He also added that several companies are selling the holiday packages on the same price that they set before the EU referendum.
Joel Brandon-Bravo stated that the impact of sterling’s fall in particular has not really been felt in holiday pricing to date, however all the signs are pointing in the direction of price hikes for many popular holiday destinations in 2017.
The study suggests that four out of five travel firms of the United Kingdom are planning to increase the cost of travel in 2017. It also revealed that the rest one fifth are planning to increase the cost of tour packages up to 15 to 20 percent.
Brandon-Bravo also added that they are expecting the pricing for next year’s holidays to increase by at least 10% and for almost one fifth (17%) of those they spoke to the increase could be as high as 15-20%.
According to travel data provided by the Association of British Travel Agents, despite of all the turmoil in the country, in 2016, the country witnessed 86% of the citizen of UK opted to travel outside the country.
