More people could travel to the UK for their holidays following the slump in the value of the pound after the Brexit vote.
That is one of the key findings of a new report by tourism body Visit Britain, which was published earlier this month.
However, despite the rather obvious conclusions drawn from the report, it claims that people’s knowledge of the current exchange rate and value of the pound, does not, in itself, lead to an increased likelihood for them to travel to the UK for their holidays.
The report stated that this is because “for some markets their own currency exchange rates are volatile, or they are experiencing economic difficulties – Russia, South Africa, Mexico and Brazil are examples of this.
“However, the favourable exchange rate has had a positive impact on intent to travel to Britain amongst those from India, China, USA and Canada in particular.”
Some of the report’s other key findings included:
- A high proportion (72%) of those asked have some knowledge of the GBP exchange rate versus their own currency: – 13% have a high knowledge of the GBP exchange rate, and 25% have a good knowledge. – Amongst previous UK visitors, 24% have a high knowledge of the exchange rate, and this rises to 36% of UK business travellers.
- Knowledge of the GBP exchange rate varies widely by market. There is a good knowledge of the exchange rate amongst those in India, South Africa, and China.
- France and Germany have low knowledge compared to other EU nations, whilst Poland, Sweden and Italy show good knowledge.
- Almost half of USA travellers have no knowledge, which is likely to be due to a lower incidence of international travellers in the population, as amongst visitors to the UK 89% have at least some knowledge.
Where the falling value of the pound is most likely to benefit is from those who have visited Britain previously, the report said.
“The favourable exchange rate is more likely to have had a positive impact on previous UK visitors, where 44% say they are more likely to visit as a result. This is even higher amongst UK business visitors, where 55% would be more likely to visit as a result. 40% of leisure visitors say they would be more likely to visit,” it said.