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British tourists cut by 19%
By MaltaMedia News
Aug 15, 2008 - 7:12:43 PM
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The British publication the Daily Mail has reported that Malta is one of the destinations that have suffered as a result of increasing holiday prices.
The average two-week holiday for a family of four has increased by up to £400 compared with 2007, while the average price of a week-long holiday for an adult has risen by up to £70 on last year.
Besides more expensive holidays, travellers will also have to put up with a narrower choice of destinations this year as travel agencies cut the number of holidays on sale.
Thomas Cook has reduced the sale of Malta holidays by 19%. Other Mediterranean destinations also suffered reductions from the British market, with Spain holidays down 25%, Portugal down 20%, and Italy down 17%. European short-haul destinations are down 22 per cent.
Thomas Cook said average prices have risen by 14 per cent in the past three months, and the number of holidays cut by the travel firm is a similar percentage to reflect purchasing power.
A combination of the credit crunch, soaring oil prices, the weakness of the pound against the euro and an end to the 'over-supply' of holidays are highlighted as the main reason for the industry trends.
Thomas Cook's chief executive Manny Fontenla-Novoa said that 'this is all driven by the fact that costs are going up. Oil is soaring. It may have dropped back to $114 a barrel - but it was only $60 last year.'
He added that ‘holidaymakers are hit by the weakness of the pound against the euro. So not only do the holiday costs increase, so does the cost of going out for a meal.’
On the other hand, luxury holidays are booming despite the economic gloom, and sales of all-inclusive and four and five-star holidays are soaring, according to Thomas Cook.
Turkey and Egypt are the main winners because these two countries have concentrated on building more upmarket hotels.
© Copyright 2008 by MaltaMedia.com
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Latest update:
Aug 16, 2008 - 7:37:25 AM CET
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