Travel spend on the rise
Keen holidaymakers throughout the world are untightening their belts – in both a literal and metaphorical sense – as spending on travel cards is witnessing a rapid rise.
This is according to a new report by Mastercard Advisors, which indicates there has been a vast improvement in spending during three of the first four months of 2014 when compared against figures from last year.
It can only be good news for the global travel industry, which struggled in the wake of the 2008 recession as people cut back on luxuries, but things could be set to make a turn for the better.
Sarah Quinlan, group head and senior vice president at Mastercard Advisors, stated that sales growth had made notable rises throughout the early part of 2014, claiming such figures to be a “vast improvement” on 2013 overall.
“Travel businesses in the UK should be encouraged by the positive sales growth in April,” she added.
“As the economy strengthens we would expect to see momentum build this year with consumers becoming confident to spend hard earned wages on summer holidays or short city breaks rather than saving everything for a rainy day.”
Travel sales were said to be up a whopping 5.5 per cent year-on-year in April, but the report was quick to suggest any further rises might be curbed by slow improvement in wages and the fact that travel remains a luxury for many.
However, if you are one of the lucky ones jetting off this year, be sure to book adequate travel insurance in the event of any unexpected incidents. Holidays themselves might be considered a luxury, but travel insurance shouldn’t be.