Brits save now, spend later on holidays

The threat to Britain's finances due to the credit crunch is causing many people to think ahead when it comes to holidays, it has been claimed.

Association of Independent Tour Operators spokesperson Ian Bradley reports that, rather than give up on the idea of a summer holiday completely, people are postponing it in order to put money aside.

"Future bookings are looking quite healthy; people are deciding that they are going to take their holiday next year and want to budget for it at the moment - book it now and save up in the meantime," he said.

The comments made by Mr Bradley reiterate those made in July by Sean Tipton from the Association of British Travel Agents (ABTA), who said he felt Britons would be more likely to make cutbacks in other areas of life than their holidays, as more people now see a break as a necessity.

A recent study from financial services provider Abbey revealed that people in Britain will spend a collective £600 million less on their holidays this year as they strive to save money in the wake of the credit crunch.

ABTA figures last month showed that Spain remains the top destination for Britons heading abroad this year.

However, Egypt, Turkey and the US had shown the highest increases in bookings as people try to get the most out of their currency, reported Travel Mole.