Published on Friday, February 17, 2017
The weak pound has forced 41% of Brits to change their holiday plans this summer, according to research by Columbus Direct.
The travel insurance company says 16% of respondents will take a staycation.
Columbus Direct has analysed current rates and says holidaymakers could be up to £111 less well off for every £500 they exchange compared to last year.
Sterling dropped by nearly 20% against the dollar following the Brexit vote in June and, remains 16% lower than it was before the referendum.
Columbus Direct says holidaymakers will get £70 less when they buy £500 worth of US dollars compared to a year ago; those travelling to Europe will get £65 less for every £500 they exchange, while families skiing in the Swiss Alps this half term will get £88 less per £500 exchanged.
Holidaymakers heading Down Under will get £111.27 less in Australian dollars. However, travellers heading to Japan, Mexico or Malaysia will see their £500 go further than it would have last summer.
Columbus Director head of brand Rob Thomas said: "We have enjoyed a strong currency for many years so the reduced strength of the pound is going to be noticeable for holidaymakers when it doesn't go as far as it used to."
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The recent insolvency of Low Cost Travel Group, one of the large players in the travel industry had a big impact on the travelers, hotels and all related players from both wholesale & retail arms. There were about 27,000 people on a holiday who had booked through the company comprised of a €200 million wholesale arm and €500 million OTA / retail arm.