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The influence of changing currency rates on consumers travel behaviour: Exploring UK consumers travel to Europe - Essay Example

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In this essay analyzed how the changing of currency rates impact the consumer travel behaviors of UK tourists. The author describes three key elements that affect UK travel, which are euro-pound exchange, green issues, and the growth of domestic travel destinations…
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The influence of changing currency rates on consumers travel behaviour: Exploring UK consumers travel to Europe
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Download file to see previous pages 159). According to Boniface and Cooper, the three key elements that affect UK travel in terms of volume and market are: the UK economy and the relationship of that economy in terms of the euros, green issues that might affect the travel habits and attitudes of the consumer, and the growth of domestic travel destinations (p. 160). Williams (2009) discusses a third element that has impacted the choices made by UK travel consumers. The internet now provides accurate information, including travel conveniences such as online reservations and detailed cost evaluations that can be used to budget for a trip (p. 66). With easier obtained financial information, the consumer can make decisions that are informed with up to the minute information and predictions on the currency exchange rates, suggesting that the consumer might be more likely to use this information in making travel decisions. 2.2 Currency Exchange Rates After the euro was introduced in 1999, the value against the pound has been quite volatile. Initially, the value against the British pound and the American dollar deteriorated which was due to the capital outflows from Europe. By 2007, however, the euro had gained an advantage over the American dollar at a rate of about 1.35%, a raise of 53% over its value in 2001 (Madura 2008, p. 168). The pound has a current advantage over the euro. According to X-Rates (2011), the pound is worth 1.19 against the euro. The past 120 days are represented in Figure 1. While the value has shifted dramatically during the last four months, the pound has consistently held value over the euro, thus suggesting that the value of European travel by UK consumers holds financial benefits. Euros to 1 GBP Figure 1 (X-Rates 2011) However, when compared to the British pound...
In this "The influence of changing currency rates on consumer travel behaviour: Exploring UK consumer travel to Europe" essay the author outlines the main factors, which have impact on UK tourists. The following work shows that the currency exchange rate has an affect on UK travel consumerism. While the currency rates are an influence on UK tourist habits, there are other factors that must be considered when assessing the potential trends that will be experienced from a particular culture. Travelers from the UK value service as one of their top priorities where holiday destinations are considered. As well, children will be taken into consideration when considering holiday destinations. In a study conducted in Cornwall, the decision making factors that were most prevalent were age and gender factors within the family structure. Financial factors did not rate as high as family desires for certain types of experiences when choosing a holiday destination.
Qualitative studies on the travel choices made by UK consumers suggest that there are a great number of factors involved in the decision making process when considering a destination. Using the grounded theory approach and through the utilization of qualitative interviews, a three year study on UK consumer tourism habits concluded that service was a high level priority for UK travelers, confirming the assertion made by Reisinge. The UK has a high level of competition among travel tour operators in regard to focusing the vacation plans of UK consumers.

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