Travel Money Outlook for 2016

In October 2015 ABTA released a Holiday Habits Report based on consumer activity during the year for holiday bookings, how those bookings were undertaken and what their predictions are for the travel industry in 2016.

The year 2015 has a been a good year for the travel industry with continued growth of which we as a Travel Money Comparison website have also benefited from with continued growth when compared with this time last year.

The Holiday Habits Report from ABTA predicts that consumers are looking to spend around 23% more next year on holidays which is great news for the travel industry. The ABTA report also shows the top ten types of holidays taken in the past 12 months and who the holidays have been booked with in 2015:

 

Top Ten Types of Holidays Taken in the Past 12 Months

 

Travel Money Outlook for 2016 - Top Ten Types of Holidays Taken in the Past 12 Months

 

Who Holidays Have Been Booked With in 2015

 

Travel Money Outlook for 2016 - Who Holidays Have Been Booked With in 2015

Quite interestingly the report highlights that most consumers take either a city break or a beach holiday when compared with the other types of holidays booked. It also highlights that consumers are booking more overseas holidays online now with travel agents or even with the service providers directly.

As the UK economy has continued to gradually recover over the last few years it has assisted in supporting the growth of the travel industry out of the last recession. But, also the very strong pound against other Most Traded Currencies such as the Euro, Australian Dollar, Canadian Dollar and Mexican Peso for example has also helped consumers get much more for their Travel Money when travelling overseas.

 

The Euro Exchange Rate in the Last 12 Months

 

If you are going on a city break then you are most likely to use the Euro as there are so many cities in Europe that now take this currency. If you therefore compare the Euro Exchange Rate with last November 2014 with November 2015 below you can see that British consumers are much better off now when compared with last year when exchanging the Pound to the Euro.

For example, if you were changing £1000 at the lowest Euro Exchange Rate against the highest Euro Exchange Rate in the graph below then you would be 187 Euros better off which is roughly equivalent to £137 which could be a couple of extra days spending money with your family depending on your budget and spending habits.

Travel Money Outlook for 2016 - The Euro Exchange Rate Compared

For more information on the GBP to Euro Exchange Rate please check out our latest Euro Travel Money Infographic Guide Blog Post to help you compare the value of Euro Cash, Euro Currency Cards including using Debit and Credit Cards Abroad.

 

The Australian Dollar Exchange Rate in the Last 12 Months

 

If you are looking for some winter sun then the Pound against the Australian Dollar has also been doing very well over the last year which you can see below.

For example, if you were changing £1000 at the lowest Australian Dollar Exchange Rate against the highest Australian Dollar Exchange Rate in the graph below then you would be 420 Australian Dollars better off. This is roughly equivalent to £202 which would be very useful when on a long haul holiday to Australia.

Travel Money Outlook for 2016 - The Australian Dollar Exchange Rate Compared

For more information on the Australian Dollar Exchange Rate Over The Last Year and How Much Spending Money for Australia you will need please check out our latest Travel Money Blog Posts.

 

The Canadian Dollar Exchange Rate in the Last 12 Months

 

If you are looking for an activity holiday Skiing and Snowboarding in Canada is a great option. The recent recession in Canada has helped the Pound against the Canadian Dollar Exchange Rate which you can see below.

For example, if you were changing £1000 at the lowest Canadian Dollar Exchange Rate against the highest Canadian Dollar Exchange Rate in the graph below then you would be 320 Canadian Dollars better off. This is roughly equivalent to £164 which could be used for extra shopping money when buying your Ski clothes in advance of your holiday to Canada.

Travel Money Outlook for 2016 - The Canadian Dollar Exchange Rate Compared

For more information on the Canadian Dollar Exchange Rate Over The Last Year please check out our latest Travel Money Blog Post on the Canadian Currency for more details.

 

The Mexican Peso Exchange Rate in the Last 12 Months

 

Mexico has always been a popular Caribbean beach holiday destination with great prices and weather especially in our winter and spring months. Over the last year the Pound against the Mexican Currency has been doing very well and has provided some good bargains for British families and travellers.

For example, if you were changing £1000 at the lowest Mexican Peso Exchange Rate with the highest Mexican Peso Exchange Rate in the graph below then you would be 5670 Mexican Pesos better off. This is roughly equivalent to £237 which is quite a big difference in extra spending money when you are on holiday in Mexico with your family.

Travel Money Outlook for 2016 - The Mexican Peso Exchange Rate Compared

For more information on the Mexican Peso Exchange Rate Over The Last Year and to find out if you Can Spend US Dollars in Mexico please check out our latest Travel Money Blog Posts for more details.

 

The US Dollar Exchange Rate in the Last 12 Months

 

Finally, to wrap up the analysis of some of the Most Traded Currencies in the World when it comes to Travel Money the US Dollar is another one which is widely Exchanged from the Pound to the American Currency.

However, the Pound against the US Dollar has fluctuated a little throughout the year and more recently in November 2015 it was down around 80 US Dollars compared with the previous November 2014 if you were looking to Exchange £1000. This is roughly equivalent to £54 less than it was last year in terms of potential Travel Spending Money.

Although, as you can see this could quite easily change in the coming months and into next year from looking at the following Pounds to Dollars exchange rate graph below:

Travel Money Outlook for 2016 - The US Dollar Exchange Rate Compared

For more information on the US Dollar Exchange Rate Over The Last Year and How Much Spending for Florida in the USA if you are planning a family holiday next year to Disney please check out our latest Travel Money Blog Posts for more details.

 

Travel Money Outlook for 2016 – Summary

 

Using the Holiday Habits Report from ABTA and from using our own Historical Exchange Rates data from all our Travel Money suppliers on our Compare Holiday Money Website we feel the outlook for Travel Money and consumers in 2016 is looking very good in terms of getting great value for their holiday spending money against some of the top currencies in the world.

As long as consumers continue to use the internet for shopping around in advance they can get some great deals which allows them to ensure that they can Buy Currency and Sell Currency at the Best Exchange Rates without leaving it to the last minute where typically Exchange Rates at the Airport can be at least 10% more.

The Pound against many currencies is doing very well which means that consumers can get some good holiday booking deals whether they book in advance or leave it to the last minute. All our Currency Comparison pages on this website display the Exchange Rates for the last 7 days and up to 90 days, but if you would like more information on our Historical Exchange Rates Graphs please get in touch with our Expert Travel Money Comparison Team.

Posted by Adam Silveston

Adam manages the marketing for both Compare Holiday Money and Currency Buy Back, assisting the team in developing brand awareness and the services that each website provides. He joined the team in 2011 and is responsible for content creation, social media and building relationships with new travel industry contacts and guest travel bloggers.

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