07 October 2008

Credit crunch makes holidays Ã¢â¬Ëœmore important than everÃ¢â¬â¢

People are prepared to cut back on drinking and eating out during the current financial turmoil in order to save up for their holiday, a new study shows.

A quarter say they are adapting their weekly expenditure and compromising on nights out in the short term, according to the poll of more than 1,500 Britons for lastminute.com.

Almost half (44%) are prepared to put up with a less comfortable travelling experience such as minimal legroom on budget airlines to esure they get away and more than a quarter are now more prepared to take inconvenient connecting flights to make their holiday affordable.

One in eight of parenst admit to taking their children out of school during term time to take advantage of cheaper holiday prices.

The study also found that a quarter of consumers view their holiday as more important than ever due to the credit crunch.

Thirty five per cent said that future holidays are helping to Ã¢â¬ÅâœmotivateÃ¢â¬~ them through the current tough times.

AndÃ~44% of people said the internet had made them more spontaneous with holiday bookings across all age groups, with 14% booking a holiday online within a week or less to departure.

A third believe they are more adventurous about where they go on holiday than they were a decade ago due to internet booking.

Meanwhile, almost a quarter (23%) say they are bored with the standard package holiday and look for more adventure in their holidays now.

Lastminute.com managing director John Bevan said the companyÃ¢â¬â¢s use of dynamic packaging was enabling it to respond to demand for shorter duration breaks as people look for more affordable flights and accommodation options.

Ã¢â¬ÅâœDynamic packaging gives the consumer flexibility so they can choose their length of stay. For example, travelling out on a Tuesday and returning on a Saturday would work out cheaper,Ã¢â¬~ he said.

Bevan said the research, conducted to mark the online companyÃ¢â¬â¢s 10^th anniversary, showed that people were keeping holidays in Ã¢â¬Åâœfront of mindÃ¢â¬~ despite the impact of the credit crunch.

Ã¢â¬ÅâœIn these troubled economic times, our research shows that holidays are more important than ever,Ã¢â¬~ he said.

Ã¢â¬ÅâœThis study clearly shows how British attitudes to holidaymaking have changed over the last 10 years Ã¢â¬' but at the heart of it, booking holidays is still the main way Britons brighten up their lives and give themselves something to look forward to.Ã¢â¬~Ã~Ã~Ã~

by Phil Davies