A report released today by Asda Money confirms the content of my blog post Turkey – Tourists Stay Away as Predicted that Turkey has fallen out of favour with Brits due to their involvement in the war in Syria and the potential threat of terrorism in Turkey aimed at tourist.
Asda Travel Money data revealed that demand for the Turkish Lira from British holiday makers has fallen a massive 68% and another currency, the Egyptian Pound, has taken a hit as well with data reporting a fall in demand of 77%. The common denominator for both these currencies is the heightened threat of terrorism aimed at tourists in these countries.
If we Aren't Buying Egyptian Pounds or Turkish Lira Which Currency is Benefiting From This?
Taken from the Asda Money Report holiday makers are heading for destinations such as Dubai, Thailand and the Czech Republic.
Reported Increase in sales:
UAE Dirham 84%
Thai Baht 96%
Czech Koruna 93%
The above increase in sales for these currencies are quite surprising as all these exchange rates have decreased year on year.
Exchange rate drop against the UK Pound:
UAE Dirham -5%
Thai Baht -10%
Czech Koruna -11%
Head of Asda Travel Money Neil Foster said:
“Our customers don’t seem put off by the poor exchange rates for certain countries. This suggests a shift in appetite for holiday destinations. Families do still need to consider getting the best value for money to the increasingly popular holiday hot spots, even when exchange rates aren’t at their best.”
I'm very surprised that Spain and the Canary Islands are not mentioned in the Asda report as demand from British holidaymakers for these two destinations have sky rocketed in recent months as we change our travel plans to favour what appears to be safer havens.
I would have liked to have data on the percentage increase in Euro purchases that would confirm that Spain and the Canaries are in fact more popular this year.
Here is a list of countries and their threat levels taken from the Foreign & Commonwealth Office - GOV.UK
Spain
Risk level: There is a high threat from terrorism
Belgium
Risk level: The Belgian threat level remains at Level 3 – a serious threat. Police operations are ongoing and there have been a number of arrests relating to the recent terrorist attacks. Tourists should remain vigilant, stay away from crowded places and follow the instructions from the Belgian authorities.
Denmark
Risk level: There is a general threat from terrorism. Attacks could be indiscriminate including in places frequented by a large number of foreigners.
Egypt
Risk level: There is a high threat from terrorism. Terrorists continue to plan and conduct attacks. Further attacks are likely. Attacks could be indiscriminate and occur without prior warning. Foreigners have also been targeted. There is a threat of kidnapping, particularly in remote desert areas.
France
Risk level: There is a high threat from terrorism. Due to ongoing threats to France by Islamist terrorist groups, and recent French military intervention against Daesh ( ISIL), the French government has warned the public to be especially vigilant and has increased its security measures.
Germany
Risk level: There is a high threat from terrorism. The German government has announced that increased security has been put in place as a precaution at public buildings, major events, transport hubs and large public gatherings.
Greece
Risk level: There is a general threat from terrorism and acts of political violence.
Italy
Risk level: There is a general threat from terrorism.
Portugal
Risk level: There is an underlying threat from terrorism. Attacks, although unlikely, could be indiscriminate, including in places frequented by expatriates and foreign travellers.
Tunisia
Risk level: There is a high threat from terrorism, including kidnapping.
Tunisia borders Libya, where there is a continuing conflict and an absence of security, and where Islamist terrorist groups operate. Terrorist attacks have increased in Tunisia since 2013
Turkey
Risk level: There is a high threat from terrorism. There is considered to be a heightened threat of terrorist attack against UK interests and British nationals, from groups or individuals motivated by the conflict in Iraq and Syria. You should be vigilant at this time.
Thailand
Threat Level: There is a high threat from terrorism. Bomb and grenade attacks have been indiscriminate, including in places visited by foreign travelers.
Related Posts:
Managing Risk: Travelling in Thailand, Egypt and Ukraine - December 2013
Should I go on Holiday to Egypt? - September 2013
Is the Turkish Lira and Tourism about to Tank? - November 2013
Turkish Lira Taking a Battering Against the UK Pound - June 2015
