Silver Lining: Down Economies Lead to Budget Holiday Boom 23 Comments
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The global financial crisis has left several European countries racked with debt and riddled by soaring unemployment rates. As these hardest-hit countries focus on recovery, many will look to their tourism industries to help kick-start spending and revive their economies to what they once were.
As a result, tourists visiting these countries are likely to find cheaper deals than ever before. Here’s a breakdown of where this trend is most apparent:
Spain holidays often already come at bargain prices for British holidaymakers, yet the recent economic downturn has made trips to the Costa Brava, the Costa Del Sol and the Balearic Islands more affordable than ever.
With those in the tourism industry keen to boost sales, prices have dropped an astonishing 20% for tourists in Spain. The popular beach destination also offers some of the lowest living costs, with food, accommodation and attractions all ringing in at far less than most sunny European destinations.
The financial crisis took a while to reveal itself in Cyprus, but the penny finally dropped in the spring of 2013, when the combination of bad loans linked with Greece and withdrawals from foreign account holders lead to a full-scale banking crisis.
Fortunately for the tiny Mediterranean island – characterised by its resilience in the past – it has a mature tourism industry to fall back on. Though it will take years for Cyprus to fully recover from this financial crisis, its position as an attractive tourist destination will certainly prove beneficial. In the meantime, British tourists can expect better deals on holiday packages to popular resort towns like Ayia Napa and Paphos.
Egypt’s tourism industry isn’t just suffering as a result of the global financial crisis. The country’s on-going political instability has also wreaked havoc on its economy. As a result, the value of the Egyptian pound continues to fall, the national deficit keeps rising and foreign investors are looking elsewhere.
Although government travel advisories may warn tourists against travelling to Cairo, Egypt’s Red Sea resort towns are still safe for tourists seeking sun and relaxation. As long as inflation is kept at bay, tourists in Egypt stand to benefit greatly from the current exchange rates.
So, whilst the flailing economies of foreign countries are certainly nothing to draw pleasure from, the situation does present an opportunity for tourists and local tourism providers to mutually benefit from each other. Politics aside, one of the best ways individuals can support these suffering economies is to travel to the destinations and spend, spend, spend.
Author Bio: Michael Docherty likes to travel on a shoestring and tell his stories whenever he’s got a chance. Having spent the summer travelling around the Mediterranean, he’s extremely up to date with Continental travel news.