The United Kingdom (UK) is in a tough spot. With rising inflation burning holes through people’s pockets, the cost of living in the country has been rising at almost its fastest pace in four decades. The increasing cost of power and food items due to the shockwaves from the Russo-Ukrainian conflict is a big driver of this inflation. To add to the trouble, the pound sterling is slumping. Yet, one man’s poison is another’s meat. The falling pound has made vacationing in the UK considerably cheaper for US citizens.
Although the near 40-year high UK inflation has pushed prices high, the weakening pound covers up for a big chunk of the cost jump for the dollar spender. Tour operators catering to visitors say that this has been their best month for bookings since October 2019. More tourists from the US are also a good sign because, on average, they spend three times what an average UK holidaymaker does on a domestic trip. US tourists shelled out £4.2bn in 2019, an amount expected to increase with the greenback becoming stronger.
“Anything that can incentivise travel from the US is helpful," Joss Croft, the chief executive of UKInbound, told The Guardian.
The case is similar with the euro, which reached equivalence for the first time in two decades in July. According to a Reuters report, American tourists have been splashing green on luxury goods in Paris and relishing cheaper treats in London’s West End.
TOP SHOWSHA VIDEO
US citizens are spending 11% more on domestic and overseas travel in 2022 compared to three years ago, according to consumer survey data from the American Society of Travel Advisors, a trade organisation.
Meanwhile, outbound travellers from the UK to the US are feeling the strengthening dollar pinch their pockets. While some tourists are resorting to buying food from grocery stores instead of enjoying dining out in the States, others have restricted themselves to window-shopping at tourist destinations instead of buying souvenirs. Still, others have decided to not let such worries impede the flow of their vacation.
Read all the Latest Lifestyle News and Breaking News here
Comments
0 comment