Whilst the recession appears to be loosening its grip on the economy, the credit crunch continues to impact British wallets. A recent poll has revealed that 17 million Brits will be giving up their summer holiday this year because of money worries.
This means that 39% of the nation believe that maintaining a healthy bank balance is currently more important than taking a summer break. This is 2.7 million more Brits than those who cancelled their holiday when the credit crunch hit in 2008.
With prices of plane travel and overseas accommodation rising sharply during the peak season of July to August, it's not surprising that many Brits are now unwilling to pay 40% more to book a foreign holiday during the summer. Recent figures are already showing that the number of foreign breaks taken by British families last year was down 3% compared to statistics from 2009; a trend that looks set to continue.
The poll, conducted by ING direct, found that nine in ten of the Brits cancelling their holiday this year are those who normally stay in the UK for their break. Holidaymakers are also making efforts to save ahead of booking in the shadow of the recession, rather than paying via credit card and completing installments throughout the year.
ING Direct spokesman Richard Doe believes that British holidaymakers face a difficult 'balancing act':
'It's clear that a tough economic climate is causing consumers to pull off a very difficult balancing act - cutting down on debt while dealing with rising prices. So it's not surprising that the summer holiday is often being sacrificed.
'However, it is certainly a good thing that consumers are adopting a more sensible approach to holiday planning, saving in advance for their trips, rather than entirely relying on the plastic.'
Another study, however, has discovered that one area of the British tourist industry is booming. Research by insurer Hiscox has revealed that campsites are experiencing a surge in popularity, with bookings at their highest since the camping heyday in the 1950s.
Unfortunately, whilst there's a huge range of cheap hotels and holiday parks available, many cash-strapped Britons also still believe that staying in the UK for a summer break is too expensive.
Many Brits looking to remain in the UK for a 'staycation' this summer are opting for a more glamorous form of camping, known as 'glamping'.
The normal no-frills tents are being replaced by trendy teepees, which offer much more space and better waterproofing. Some 'glampers' are now investing in even more exotic temporary accommodation such as yurts; Mongolian shelters made from wood structures covered by felt. Brits are swapping their sleeping bags for airbeds, whilst electricity points for phone chargers and other entertainment products are now considered a necessity. Some 'glampers' are even hiring a fridge to chill champagne and are bringing their own glassware and best china from home.
Unfortunately, with price comparison experts Kelkoo recently calculating the cost of 'glamping' at a 4 day festival to be £967, it remains an expensive option for Brits worried by their finances.
An avid traveller and outdoor person
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