A staycation is when a person or family chooses to stay in their own home country of residence on their annual holiday, and it does certainly look like many UK based families will be staycationing this year!
That is due in no uncertain terms to the dramatic drop in regards to the value of Sterling, it was not that long ago when GBP was at its highest value for quite some time against may other worldwide currencies, which meant UK holidaymakers could get more foreign currencies from their holiday budget and were quite prepared and happy to go abroad.
However, with the aftermath of the snap election rumbling on and the fact that Brexit is just around the corner, the value of Sterling has been taking a battering recently and there does appear to be no end in sight in regards to just how low it could end up.
In fact many families in the UK who have already pre-booked a holiday abroad are now stocking up on foreign currencies needed on those holidays, rather than risk losing even more money as the date of their holidays gets closer.
Many UK based holiday companies are already reporting a sharp increase in people booking to stay at holidays centres and hotels at seaside locations in the UK, however as is always the case with demand, those holidays still available are increasing in value.
In fact, it is not only the general public who have made the decision to stay at home this year for there are a surprising number of celebrities who will be taking a staycation this year, and as such it would appear even the rich and famous are beginning to reign in their holiday spending this year!
However, having said all of that there are some real bargains to be head for anyone living in the UK who does fancy going abroad this year, for some major budget airlines have recently launched lots of low cost flights to places such as the USA, and by taking advantage of those massively reduced air fare tickets that could offset some of the value in regards to the drop in Sterling, if you do opt to use one of those low cost airlines and not one of the flag carriers of course!
The drop in regards to the value of GBP in regards to many other major currencies does however have one added advantage, and that is there is likely to be a large influx of visitors from overseas who are going to fancy visiting the UK.
As such we are expecting to see some massively increased profits being announced by holiday companies based in the United Kingdom when they announce their profits later in the year. It will remain to be seen whether the Pound does continue to drop in value, but no one is expecting its value to level out or start increasing in value in the short term!