LOUISVILLE, Ky., Nov. 13 /PRNewswire/ -- Although the recent setbacks in the world economy has impacted the travel industry, some reports show that Americans are still planning international travel. However, in this new economy controlling costs is a key trend for most travelers.
Budgeting Tactics
Most Americans are using new tactics to manage their travel budget such as:
-- Planning the trip well in advance to shop for discounts and monitor currency fluctuations for the most favorable exchange rates.
-- Using prepaid foreign currency travel cards. A recent industry study suggests that more and more travelers are turning to electronic forms of payment over traveler's cheques and cash. Travelers cite extra security, ease of accessing funds and convenience as the benefits. Travelex's MasterCard-branded Cash Passport(TM) prepaid currency card comes in Euros and British pounds (http://www.cashpassport.com/).
-- Using planning tools such as Travelex's Budget Calculator (http://www.cashpassport.com/us/budgetcalculator.html) to estimate the cost of vacation basics such as: the price of meals, drinks, accommodation, public transportation and attraction entrance fees in more than 50 popular destinations worldwide.
Favored Destinations and Value of Travel
A recent Harris Poll shows that Italy has become the world's number one destination spot outside of the United States. Also popular are Great Britain, France and Ireland. This indicates that, while travel in some areas may be down, overseas trips are still very popular. Another survey by a leading travel company shows that those surveyed feel travel is important to their mental health and that they will continue to pursue personal interests when they travel despite the economy.
Impact on Business Travel
The Association of Corporate Travel Executives (ACTE) survey shows that the cost containment trend has even expanded into the business world as companies look for ways to control their travel spend. While travel for business is still required, companies are trying to clamp down on expenses.
"At one time business travel was considered a necessary expenditure and was generally not thought about much or thoroughly scrutinized," said Christopher Russell Travelex's executive vice president of outsourcing, Americas. "We see that starting to change. Travel management and travel spend management is being discussed in CEO offices and board rooms across the country. Travel managers are locking down exchange rates, using prepaid currency cards, Cash Passport and pre-ordering foreign currency."
Budgeting Tactics
Most Americans are using new tactics to manage their travel budget such as:
-- Planning the trip well in advance to shop for discounts and monitor currency fluctuations for the most favorable exchange rates.
-- Using prepaid foreign currency travel cards. A recent industry study suggests that more and more travelers are turning to electronic forms of payment over traveler's cheques and cash. Travelers cite extra security, ease of accessing funds and convenience as the benefits. Travelex's MasterCard-branded Cash Passport(TM) prepaid currency card comes in Euros and British pounds (http://www.cashpassport.com/).
-- Using planning tools such as Travelex's Budget Calculator (http://www.cashpassport.com/us/budgetcalculator.html) to estimate the cost of vacation basics such as: the price of meals, drinks, accommodation, public transportation and attraction entrance fees in more than 50 popular destinations worldwide.
Favored Destinations and Value of Travel
A recent Harris Poll shows that Italy has become the world's number one destination spot outside of the United States. Also popular are Great Britain, France and Ireland. This indicates that, while travel in some areas may be down, overseas trips are still very popular. Another survey by a leading travel company shows that those surveyed feel travel is important to their mental health and that they will continue to pursue personal interests when they travel despite the economy.
Impact on Business Travel
The Association of Corporate Travel Executives (ACTE) survey shows that the cost containment trend has even expanded into the business world as companies look for ways to control their travel spend. While travel for business is still required, companies are trying to clamp down on expenses.
"At one time business travel was considered a necessary expenditure and was generally not thought about much or thoroughly scrutinized," said Christopher Russell Travelex's executive vice president of outsourcing, Americas. "We see that starting to change. Travel management and travel spend management is being discussed in CEO offices and board rooms across the country. Travel managers are locking down exchange rates, using prepaid currency cards, Cash Passport and pre-ordering foreign currency."
Join Email List 
