Travel costs for UK holidaymakers have plummeted in the past two years as the value of Sterling has rocketed against foreign currencies.
According to data collated by travel money business Centtrip, Sterling’s value has risen between 2.2% and 107% against 14 major currencies.
Centtrip’s analysis reveals that two years ago the average British holidaymaker spent £628.51 whilst on holiday, and depending on where they go today, because of the growing strength of Sterling, they could spend half this amount and still have the same spending power.
When comparing exchange rates on 3rd March in 2015 and 2013, Sterling has seen a 107.3% increase against the Russian Rouble. When compared against the Norwegian Krona, it is now worth 36.9% more, and the corresponding figures for the Australian Dollar, South African Rand and US Dollar are 33.5%, 32.0% and 2.2% respectively.
Based on the average spend whilst on holiday in 2013, Brits travelling to Russia today could spend £303.24 and have the same ‘spending power’ they enjoyed two years ago when average spend was £629. Corresponding figures for Norway, Australia, South Africa, Sweden, Japan, Canada and Poland are £459, £471, £476, £476, £481 £505 and £525 respectively.
Brian Jamieson, Co-Founder and Managing Director, Centtrip said: “We are seeing unprecedented levels of strength in Sterling and as it continues to grow, the power of our spending money whilst holidaying abroad increases. Many of our customers are locking in current attractive rates and buying Euros to use today or at a later date. There has not been a better time for Brits to travel abroad however we would urge travellers that want to take advantage of their increased spending power to check the spread rates when buying foreign currency.”
Currency | Percentage increase in value of Sterling against this currency between 3rdMarch 2015 and 3rd March 2013 | Amount you could spend today and have the same average spending power holidaymakers enjoyed in March 2013 (£628.51) |
Russian Rouble | 107.3% | £303.24 |
Norwegian Krona | 36.9% | £459.18 |
Australian Dollar | 33.5% | £470.72 |
South African Rand | 32.0% | £476.15 |
Swedish Krona | 32.0% | £476.16 |
Japanese Yen | 30.7% | £480.89 |
Canadian Dollar | 24.6% | £504.60 |
Polish Zloty | 19.7% | £524.96 |
Euro | 19.1% | £527.70 |
Danish Krone | 19.0% | £527.94 |
NZ Dollar | 11.7% | £562.87 |
Swiss Franc | 4.1% | £603.55 |
HK Dollar | 2.2% | £614.88 |
US Dollar | 2.2% | £614.97 |
Source: Centtrip March 2015
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