News: Thomas Cook predicts rise in holiday prices next summer

Flights > News > # 1818 (30/06/2008)

Tour operator Thomas Cook expects the price of holidays for British travellers next summer to rise by 7% because of increasing oil prices and the strong euro.
The group's chief executive, Manny Fontenla-Novoa, said that summer breaks for 2009 were already on sale at these higher prices. He blamed the impact of soaring oil prices on the cost of flights but also the escalating cost of accommodation in the Eurozone as the pound weakens. With holiday spending money for 2009 also expected to be hit by the strength of the euro, next year is likely see a steep decline in holiday travel. Other problems concerning tour operators include a slow-down in consumer spending, an expected rise in unemployment and rising inflation.