UK: Research from London serviced apartment provider Cuckooz, has looked at the benefits of a weak pound for overseas visitors travelling to the UK on business.
Cuckooz looked at the average cost of staying in the capital and how this translates to 10 different currencies based on the current exchange rate and the exchange rate before Brexit uncertainties caused a fall in the value of the pound.
The research shows that in June 2016, the average hotel room would have cost €183 per night. Today a weaker pound means that this cost is €166 per night, a 9.2 per cent reduction.
The biggest saving to be had is for those travelling from outside of the EU from Japan. The Yen has gained the most ground on the pound and while a hotel in June 2016 would have cost ¥22,395.7 or £170 per night, today it is just ¥19,579.91 or £148 per night – a saving of 12.6 per cent.
The second biggest saving was for the Swiss, with a hotel now costing 10.7 per cent less in Swiss Francs than it did some three years ago.
Visitors from Poland (10.2 per cent), the UAE (10.1 per cent) and the USA (10.1 per cent) are all now paying more than 10 per cent less for their business stay in London when compared to June 2016.
Charlier Rosier, co-founder of Cuckooz, commented: “Brexit may be weighing heavy on the minds of many, particularly those with business ties to the UK, but as it continues to drag on one inadvertent consequence has been the discounted costs of visiting the UK on business as a result of a weaker pound. While we’re not talking hundreds of pounds saved, this does spill over into other areas outside of accommodation and this overall better value for money seems to be stimulating an uplift in the number of people travelling.”
“Those visiting for business often stay on a longer-term basis and for them, the saving has become more considerable than it has for the weekend visitor. We’ve seen the value of our serviced apartments increase by as much as 16% for some due to fluctuations in currency and this is a pretty considerable saving for those visiting for months at a time,” she added.
