Subscribe Now

travelers today

Home » Travel Tips

The Indirect Way Currency Values Affect Tourism Economies Worldwide

Travelers Today       By    JC Santos

Updated: Jan 31, 2017 03:05 AM EST

Text Size: A A A

Travelers may have heard this from veteran nomads: traveling on a budget is similar to investing -- one must stay vigilant to all factors that could appreciate or depreciate a destination's appeal. Money is a factor in travel -- without enough savings, travelers could fail to maximize their vacation. Often, travelers overlook new trade policies, tariffs and currency fluctuations, items affecting their budgets directly without warning.

Currency fluctuations could work against or in favor of tourists. Today's tourists in Britain are motivated to spend because of the record lows of the pound sterling's value. Shopping tourists flock to Britain as UK export companies find profits soaring overseas. On the other hand, British tourists now could find their favorite accommodations, restaurants and bars in Europe or somewhere in Singapore more expensive than it were in 2014.

Travelers must pay attention to drastic currency fluctuations when making their budgets. They must also pay attention to civil and economic situations in their destination and in their own country. An anticipation of a possible higher exchange rate where their originating currency is weaker should mean a better overhead fund for their travel expenses.

Chron Business wrote a great explanation about fluctuating currencies affect tourism economies. An appreciation of a local currency could help travelers enjoy more and encourage spending. In turn, destination countries earn bigger profits. Depreciation of local currencies could mean a drop in a destination country's luxury vacations as travelers prefer domestic tours and other affordable means to take trips.

Paying attention to international politics can play a huge role in your budget -- particularly on areas where you can save. An Economist post regarding EU's sanctions against Russia's actions in 2015 suggested it was a great year for Russian tourism because of the sanctions themselves. The post indicates Russia's tourism economy would improve because its local Ruble had decreased in value with immense investor pullouts during the same year. Developing nations are affordable for developed nations simply because of the stronger currency of developed nations.

 

See Now: The U.S. had the highest number of Most Wanted properties, dominating the Hotels.com Loved By Guests Awards 2018

Tags
currencies, travel currencies, travel economies, tourism economies, economics, tourism economics
© 2023 Traverlers Today, All rights reserved. Do not reproduce without permission.
Join Our Conversation

Subscribe to our newsletter

Receive the latest travel news, reviews, and more..

Most Popular

6 Tips For Traveling With Young Children

6 Tips For Traveling With Young Children

Planning for a trip takes some time, even if it's just you g

How Traveling Can Make You Happy

How Traveling Can Make You Happy

If you have never traveled before but are thinking of doing so then

Scottish Islands: The Best Places to Reside!

Scottish Islands: The Best Places to Reside!

So there are a few islands that can be found off the Sco

How to Plan a Multi-Destination Honeymoon During COVID

How to Plan a Multi-Destination Honeymoon During COVID

You need to know how to plan appropriately and

7 Tips for Amazing Campus Visits

7 Tips for Amazing Campus Visits

A campus visit's significance could not be overstated. After all, fo

4 Tips For Curating The Perfect Gallery Wall

4 Tips For Curating The Perfect Gallery Wall

Having a gallery wall brings plenty of benefits to your

Water Travel Options That Don’t Involve a Cruise

Water Travel Options That Don’t Involve a Cruise

There is something equally relaxing and invigorati

Photo by Erik Odiin on Unsplash

Things That Will Help Cost-Conscious Vacationers Save Money

There are several ways you can significan

Photo by Mikhail Nilov from Pexels

How to Make Vet Visits Affordable in 2022

If the situation is minor, you might be lucky and get away

Photo by Tim Samuel from Pexels

Know Your Florida Driving Rules

There is so much to do in the region, but we want to focus on some of

Photo by Ging Ang from Pexels

Holidaying in your own Country: Try these Fun Trips!

Many countries are opening their borders, but if

Photo by Jessica Lewis Creative from Pexels

The Best Tech Tools for Expats

Here’s a quick look at most versatile tech tools for expats on the m

Photo by Tobi from Pexels

How to Turn a Road Trip Into A Luxury Adventure

But a road trip doesn’t have to mean living on the

Australian Citizenship Test: Everything You Need to Know

Australian Citizenship Test: Everything You Need to Know

Do you want to become a citizen of Australia

Hair transplant Istanbul: Why is it so popular?

Hair Transplant Istanbul: Why is it so Popular?

Getting a hair transplant in Istanbul is affordable i

What’s Going on with Rental Cars Right Now?

What’s Going on with Rental Cars Right Now?

They are incredibly expensive, and they’re also in sh

Role of Professional companies in International Trade

Role of Professional companies in International Trade

International trade holds great importance in a

The 5 Best Wines from Germany

The 5 Best Wines from Germany

Riesling is Germany’s best-known wine, but the country makes other fi

Here's Why You Should Go Camping On Weekends

Here's Why You Should Go Camping On Weekends

There is nothing like the great outdoors –– nature

The Best Tote Bags To Travel With in 2022

The Best Tote Bags To Travel With in 2022

Who knew you could pack your entire life away into one litt

7 Captivating Attractions for Kids in San Diego

7 Captivating Attractions for Kids in San Diego

San Diego is a magnificent place, and it would not be

travelers today

© 2023 TRAVELERS TODAY All rights reserved.

Subscribe to our newsletter
Real Time Analytics