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Markets & insights
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Finance & spending
- In 2008, UK residents are projected to have made 72 million international visits and spent £37.11 billion overseas(2).
- In 2008, there will be a projected 34.5 million tourist visits from other countries, with a total spend of £16.56 billion in the UK(2).
- Credit and debit card growth is the principal driver of overseas expenditure, accounting for 67.5%6 of the market value, at £25.1bn.
- Online foreign exchange transactions serviced by banks rose from 268,000 in 2004 to 4.4m in 2005(7).
- Collectively, the banks serviced 18.1% of the foreign exchange volume during 2007, and more in value terms(3).
- 11% of banks’ foreign exchange customers purchased online compared to a national average of only 6%(3).
(1) International Passenger Survey (IPS) ‘Travel Trends’, produced by Office for National Statistics, Crown copyright 2008.
(2) Travel & Tourism Market, Market Review September 2007, Key Note Ltd.
(3) Ipsos-MORI – Travel Money Omnibus 2007 (base = 6,000 foreign currency buyers).
(4) Continental Research – Holiday Planning Report Copyright 2007.
(5) First Rate Research/Historical data.
(6) APACS – UK Payment Statistics Copyright 2007.
(7) BBA Yearbook – Banking Business, The Annual Abstract of Banking Statistics Volume 23, Copyright 2006.