The Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia are among the countries that have seen the highest growth in tourism from the UK. Transactions made by Eurochange for Croatia alone have increased by 77 per cent while Hungary has seen a 65 per cent increase.
A nationwide foreign currency provider has released new statistics which reveal that UK holidaymakers are shunning long haul destinations in favour of short haul, cost effective holidays in Eastern Europe.
The statistics, which compare currency exchanges made by half a million Eurochange customers between 2011 and 2012, reveal that travel to Eastern Europe has seen a prolific increase in 2012, as those countries left out of the Eurozone experience a weaker exchange rate.
The Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia are among the countries that have seen the highest growth in tourism from the UK. Transactions made by Eurochange for Croatia alone have increased by 77 per cent while Hungary has seen a 65 per cent increase.
“With expensive flights including increases in Air Passenger Duty and an exchange rate offering little value for money, the decline in transactions for long distance tourism prove that Brits are looking for cost effective alternatives during tough times,” explains Giles Custerson, Managing Director of Eurochange.
“As many Mediterranean countries have suffered a decline in tourism as a result of recent austerity measures and political unrest, British travellers have sought out cheaper, safer holiday destinations where they can enjoy a warm climate and coastal location without having to take a long haul flight.
“Tourism to these countries has been steadily rising over the last decade but our latest transaction figures show that Brits are placing value for money at the top of their agenda, and of course it’s a tremendous boost to Eastern Europe’s economy.”
The survey has also unearthed some interesting trends in global travel, reflecting a correlating pattern of increased foreign exchange transactions to emerging markets such as Brazil, India, Vietnam and Indonesia, especially amongst
business travellers.
“Vietnam has seen the highest increase in numbers of transactions of these emerging markets,” says Giles. “The country is continuing to appeal to budget travellers as well as attracting business travellers at a time when Vietnam is strengthening its position as a rapidly emerging economy.”
However, transactions have seen a sharp decline to countries such as Japan, Australia and New Zealand. The number of exchanges of Japanese Yen fell 11 per cent in 2012, and transactions of both Australian and New Zealand Dollars fell by three and 11 per cent respectively. These figures suggest both countries have suffered significantly as a result of New Zealand’s Christchurch earthquake in February 2011, and Japan’s devastating earthquake and tsunami a month later.
Figures also reveal that tourism is returning to those countries involved in the Arab Spring of 2011, as foreign exchange transactions to the Middle East increased by 126 per cent. The amount of customers exchanging Sterling for Tunisian Dinar alone is up 320 per cent, as Tunisia continues to be a popular destination for Brits looking for a cost effective family vacation in the sun.
The total transactions made for Egyptian Pounds is also up, with an additional 1,704 purchases being made in 2012 – an increase of 26 per cent.
The Egyptian economy relies heavily on tourism and the increase of visitors proves confidence is slowly being restored in the region. Egypt has appealed to holidaymakers for the past few decades as visitors flock to the Red Sea resorts of Sharm El Sheikh and Hurghada for year-round hot temperatures and access to water sports like scuba diving and snorkelling.
In addition, tourism to North Africa and the Middle East has increased, with Bahrain, Qatar, Oman and Saudi Arabia all registering increases of over 50 per cent. Currency exchange to North America including Canada shows little change since 2011.
Established in 1975, Eurochange is a leading foreign currency provider offering comprehensive travel solutions for individuals and business customers. With an ever expanding service, Eurochange now operates in 90 shopping centres and high streets across the UK.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
