Re-FUN-dancy: Recession fuels growth of Grown Up Gapper

Date: Aug 06, 2009

• One in ten hit by recession see redundancy as a positive and plan to travel
• 30 – 55 year olds fuelling the new grown up-gapper generation
• Canada, Japan, Hawaii and Philippines top re-FUN-dancy destinations

Redundancy and job uncertainty is producing a new generation of ‘Grown-Up Gappers’, as recession hit Brits turn to travel to escape the economic downturn, according to research released today from Travelex.

A study by the leading foreign exchange specialist questioned over 4000 people about their post redundancy plans. The research reveals that one in ten hit by job loss view the recession as a positive and three quarters (78%) now plan to use some time to travel, explore and take the opportunity to have a grown up version of the traditional gap year.

The research reveals those aged 30-55 are the most likely to take time out to travel for an extended time period (63%), compared to just 32% of 18-24 year olds, heralding a new generation of gap year travellers. However, unlike the ‘year out’ typically associated with students, most adult gappers would opt to travel for on average three months, with men opting to take five to six months and women just two to three months.

Nearly a third (32%) view the time to travel as an opportunity to reflect and think about the future, whilst 30% would take the opportunity to pursue their dream for adventure travel and use the time to do things they didn’t have the chance to in their younger years. However, using the time to volunteer abroad is least favoured by the Grown Up Gappers, with just 8% opting to use their time to help others.

The desire for adventure is reflected in the top re-Fun-dancy destinations, with 55% looking to escape to destinations off the beaten track, instead of sticking to countries typically associated with gap year travel.

Canada tops the list, with 30%, citing the country as a firm favourite for taking some well earned time out due to its twin centre appeal of ski and sun, alongside beautiful scenery. Nearly a quarter (20%) cited Japan, Hawaii, Indonesia and the Philippines as essential stops on their travels. Other destinations popular with the Grown Up Gappers include India (15%), the Galapagos Islands (13%) and China (16%).

Travelex has also reported a surge in demand in the past twelve months for long distance currencies, fuelled by this group of travellers. The Philippine Peso, Dominican Republic Peso, East Caribbean Dollar and Indonesian Rupiah have all been introduced for the first time on Travelex.co.uk and demand has increased by 25% as travellers increasingly look at alternative destinations.

Despite the downturn, Grown Up Gappers are still prepared to spend big while away, with 38% spending more than £3000.00 and 16% more than £5000.00. As for accommodation, the Gappers are opting for comfort with 67% choosing hotels over hostels and 8% opting for luxury accommodation during their trip. Only 24% would rough it with other backpackers, and opt to sleep in hostels, rather than a hotel.

Peter Davies, Director, Travelex said: “Demand for exotic currencies has really grown over the past twelve months, resulting in the introduction of four new global currencies to Travelex.co.uk. Combined with strong commercial demand, our recent research highlights that the ‘grown up gap year’ is a rapidly growing market, with many people opting for an extended break to destinations that they may not have visited in their youth. Travellers are looking for value whether on a gap year or a two week break and by ensuring you take advantage of a great deal for your currency such as Travelex.co.uk Price Promise guarantee, holiday-makers will have more money to spend on their travels.”

Tom Marchant of bespoke travel agency Black Tomato added: “We've certainly seen an increasing number of older travellers as a result of the recession. While these travellers are after escapism, the destinations they are choosing are often similar to those of younger backpackers, perhaps places they have visited before, but this time they are opting for higher end experiences. While a lot of them are looking for intrepid adventure, their spend is much higher than younger gappers and they opt for better quality accommodation and surroundings. Destinations such as Tanzania, Indonesia, Brazil and Australia are really benefiting from this growing sector and we predict this will continue, especially if the job market remains unstable.'

Ends

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. In the unlikely event that we are beaten on any of our 60+ currencies, we will refund the difference.

Notes to editors:
Case Study available upon request

For more information, please contact:
Hannah Shanks – Talk PR
0207 544 3616
Hannah.shanks@talkpr.com