18 September 2007 Travel 'not to be affected by financial crisis'
Spending on travel will remain unaffected by the current financial crisis, it has been claimed.
According to members of the retail trade and industry leaders, problems in the financial market and increasing interest rates will not have an impact on tourism spending, Travel Weekly reports.
Vice president of the Scottish Passenger Agents Association (SPAA) Jimmy Martin has stated that while travellers may readjust their budgets, they will not forgo their summer holiday.
Mr Martin suggested that in some instances holidaymakers may choose to downgrade their holiday accommodation.
Meanwhile, president of the World Travel and Tourism Council (WTTC) Jean-Claude Baumgartern has stated that "the economy is strong enough to absorb the credit crunch. We don't foresee any major impact on tourism".
In fact, the WTTC believes that inbound and outbound UK tourism is set to grow faster than the current rate of inflation during 2007 at 3.3 per cent, producing more than £190 billion.
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