Published on : Mar 28, 2018
Albany, New York, March 28, 2018: Predominantly driven by consumers who always wish to get the best possible exchange rates, the UK’s market for travel money will continue to grow steadily in coming years. Market Research Hub (MRH) has recently added a newly published report to its repository, titled “Travel Money-UK-March 2018”. The report says that the growing inflation rate is compelling consumers in UK to generate demand for best rates for foreign currencies. Substantial increase in the number of consumers traveling abroad will remain one of the key factors uplifting the performance of the travel money market in UK.
Since the past couple of years, the Brexit has been posing immense influence on the UK’s economy. The Pounds value’s decline that immediately followed the Brexit vote is evidently changing the way consumers have been looking at travel money. A recent research study conducted on the market for travel money in UK highlights the fact that exchange rates are one of the most significantly impactful factors associated with the travel money industry and consumers who plan holidays are most likely to invest more time in shopping for the best possible deals so that they stick to their budget.
The report indicates that the holiday/vacations market is exploding and is estimated for strong growth prospects over the next few decades. Moreover, the overseas expenditure is also on a higher side, which directly portrays the market for travel money with a positive growth outlook. Leading companies are expected to encounter with a few challenges in near future, including consumers’ constant search for value for money and immense commoditization of the entire sector. Key players are struggling to maintain their revenue shares in the market by multiple efforts taken to meet these challenges through cost-effective charges and economic rates. Another important factor that is anticipated to limit the growth of travel money market to a great extent in the forecast period includes growing convenience and popularity of using plastic money worldwide. Consumers are increasing preferring the convenience and safety of using credit/debit cards over the use of money in a traditional form of cash, which is foreseen to create a longstanding threat to several businesses run by traditional providers of travel money.
The report offers in-depth examination of how the falling value of the Pound will impact the consumer behavior while traveling and shopping abroad. It also focuses on the key factors driving the adoption of foreign currency and growing use of pay-apps and prepaid cards, which is the key to holiday budget. It discusses the expansion and management of travel money providing companies, consumers’ perception about rates and charges, and why the purchase of pre-holiday travel money is on a steady decline.
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