BUDGET CONSCIOUS BRITS LEAVE IT TO THE LAST MINUTE

• ‘Late-cations’ on the rise as holidays are booked off but destinations left undecided
• Travelex.co.uk launch midnight pre-order service on US Dollars and Euros

Date: July 03, 2009

Snapping up last minute deals and shopping around to cut costs will replace holidays chosen solely on destination over the coming months, according to research by Travelex.co.uk.

A study by the foreign exchange specialist, to mark the launch of their new midnight pre-order currency service, reveals that over half of holiday-makers (53%) are planning to ‘wait and see’ what happens to holiday prices and value of popular currencies before committing to a destination. Over two thirds of holiday-makers (66.6%) stated that getting the best overall deal on currency was more important than in previous years and they were set to keep a close eye on patterns of currency fluctuations before making the decision to book.

Whilst reports suggest many Brits will opt for a ‘stay-cation’ this Summer, only 2% of those questioned by Travelex.co.uk had decided to give up on a foreign holiday in 2009 altogether, but ‘late-cations’ were predicted to dramatically increase. The research highlighted that whilst those questioned were getting dates booked off in anticipation of heading away, the majority believed that a better deal could be had by capitalising on slash price end of season deals and promotions. Bespoke travel company Black Tomato also confirmed that their average trip booking was now happening three weeks later compared to bookings in 2008. One in ten are even leaving it to the weekend prior to travel before deciding where to go.

In response to the rise in last minute bookings, Travelex.co.uk has launched a new midnight pre-order service on Euros and US Dollars ensuring travellers are able to get the very best deal on holiday currency, commission free, even if booking last minute. Unlike other foreign currency providers, Travelex’s new service provides a convenient currency solution for this increasing number of last minute trippers. For first time users of pre-paid currency cards from Caxton FX and Fair FX holiday-makers need to allow a staggering 7-10 days to receive their currency card, leaving little chance of spontaneous travel. Travelex’s pre-paid card –“The Cash Passport“- is available instantly at Travelex shops or available to pre-order online.

For holiday-makers purchasing currency on the High Street, a trip to the Post Office or M&S followed by a queue to purchase currency is often the case. With Travelex.co.uk however holiday-makers can now pre-order online at the same time as check in, making it a cost and time effective solution. Even if not heading to Europe or the States, holiday-makers can take advantage of Travelex’s Price Promise guarantee, up until 2pm the day before travel, to ensure the best currency deal, commission free or the difference refunded. For very last minute travellers, Travelex’s network of airport shops offer easy last minute access to over 70 currencies as well as a range of travel products and currency promotions.

Anthony Hudson, Retail Director - Travelex commented: ‘Our research highlights that holiday-makers are considering a lot more factors when it comes to holidays this year. We are experiencing a boom in the ‘wait and see’ market when it comes to people committing to a destination. 2008 was one of the most volatile years in currency market history and consumers are becoming far more aware of current currency exchange rates. Travelex is committed to providing currency solutions to all types of holiday-makers and we have an unbeatable selection of services to suit all needs. Whilst many of our competitors may claim to offer a range of services, as the global leader, Travelex is constantly adapting our service offering and developing new products to make currency exchange as simple as possible for our customers. For last minute travellers we offer both the convenience of buying online or in our airport shops across the country and ensuring that you get a great deal on your currency.’

Tom Marchant, co-founder of bespoke travel company Black Tomato added: ‘In alignment with the findings of Travelex.co.uk’s research we have certainly noted an emerging trend of customers leaving it later to book trips this year. A combination of volatile currency markets and overall need to budget better have influenced destination choices this year. Whereas previously travellers would be solely choosing the destination based on a recommendation a lot of other factors have now entered the mix when it comes to holiday destinations – they are however some great deals to be had for those happy to wait and book something last minute.’

For best price foreign exchange or to track currency rates, visit www.travelex.co.uk

For information on Black Tomato, visit www.blacktomato.co.uk

Ends

Kat McGettigan
Talk PR
07863159494
Kat.mcgettigan@talkpr.com

About Travelex
Travelex is the world's largest foreign exchange specialist with over 700 retail branches in more than 20 countries, at key airport, seaport, rail and tourist locations. Over 40% of travellers - 1.7 billion passengers a year - pass through airports where Travelex operates including the major gateways at Amsterdam, Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, Rome, Sydney & Tokyo. Every hour, Travelex provides foreign currency to more than 2,000 customers.

Travelex Online & the Travelex Price Promise
Travelex.co.uk, guarantees the best price, commission-free foreign currency in the UK. Every day Travelex.co.uk monitors the exchange rates of the leading Banks, High Street foreign currency providers (Travel Agencies, The Post Office, M&S) and a basket of other online providers to ensure we offer customers the best deal. If any provider should happen to beat us on any of our 60 currencies, we refund the difference.