Brits turn to bartering to cut costs of holiday goods

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21 Aug 2014

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Brits are flexing their bartering skills to bag more on their holidays, according to new research revealed by Travelex.

A survey of 2,000 holidaymakers has shown that over 60% of Brits have admitted to securing themselves a bargain by haggling whilst on holiday¹.

It comes as over one tenth² of people have even admitted to choosing their holiday destinations based on where they can buy cheaper goods.

When it comes to getting as much bang for your buck, it seems Brits are savvier than ever with almost 40% of Brits having saved between £11 and £30 using their haggling skills whilst abroad³. Some Brits even admitted to saving over £100.

Over a third of haggling holidaymakers revealed they felt nervous when trying to negotiate a deal and one in five admitted that they were concerned when it came to the etiquette.

Results also threw up some interesting gender differences, with men more content on driving the price down on goods. Three times more men than women have shaved off over £250 on the full price of an item.

Topping the list of the most popular items to bag a bargain on is leather, with over a third⁴ of Brits looking to get a discount whilst on holiday. Handbags come in second with nearly a quarter⁵ of fashion-conscious Brits aiming to find their perfect handbag when on the hunt in local shopping districts. Jewellery was also cited as one of the most popular things that Brits had bartered on.

David Swann of Travelex comments: “Brits are really savvy when it comes to hunting down a bargain abroad. With countries such as South Africa and Thailand providing Brits with an extra 847ZAR (£50) and 1,639THB (£33) more on every £500 exchanged compared to this time last year, Brits can be quids in.”

With twenty per cent⁶ of Brits lacking the confidence to barter, Travelex has developed the Travelex Global Bartering Guide (hyperlink). It offers destination-focussed tips on how to get the best prices abroad, without causing offence.

The best places to secure a bartering bargain abroad include⁷:

1. Turkey
2. Spain
3. Greece
4. Morocco
5. Thailand

With over 30%⁸ of Brits admitting to feeling worried about their personal safety when bartering in markets on holiday, one of the safest ways to carry money is by using a Travelex Cash Passport. The prepaid card is chip and PIN protected and not connected to a bank account, making it secure against the threat of theft and fraud. With cash being the only accepted form of payment in the majority of markets, Travelex advise withdrawing small amounts and keeping the rest of your budget safe on card.

Top 5 items Brits are bartering on abroad:

1. Leather goods
2. Handbags
3. Sunglasses
4. Jewellery
5. Watches

- Ends -

¹60.15% - OnePoll research conducted on behalf of Travelex
²13.7% - OnePoll research conducted on behalf of Travelex
³37% - OnePoll research conducted on behalf of Travelex
⁴36% - OnePoll research conducted on behalf of Travelex
⁵24% - OnePoll research conducted on behalf of Travelex
⁶22% - OnePoll research conducted on behalf of Travelex
⁷OnePoll research conducted on behalf of Travelex
⁸32% - OnePoll research conducted on behalf of Travelex

Download Travelex's Global Bartering Guide here

ABOUT TRAVELEX: 
Travelex is the world's largest foreign exchange specialist with almost 1,500 stores and 1,250 ATMs across 28 countries, at key airport, seaport, rail and tourist locations. Over 40% of travellers - 1.7 billion passengers a year - pass through airports where Travelex operates including the major gateways at Amsterdam, Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, Paris, Sydney & Tokyo. Every hour, Travelex provides foreign currency to more than 2,000 customers.

https://www.facebook.com/TravelexUK?fref=ts
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For more information, please contact: 
Polly Goddard/Lucy Keogh - M&C Saatchi PR
travelex@mcsaatchi.com / 0207 544 3623

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