Overseas travel 'will not be crunched'

The credit crunch will not have a major effect on the willingness of people to travel overseas for holidays, it has been stated.

PricewaterhouseCoopers partner Malcolm Preston told the Association of British Travel Agents convention on Gran Canaria that research has shown less than ten per cent of consumers consider the curbing of holiday spending to be a top priority for cutting budgets, Travel Mole reports.

He stated: "There are many things that will go before that, which backs up our feeling that the industry is pretty resilient."

Such news may indicate that those investing in location such as the Canary Islands will be able to continue renting out property to tourists.

Another factor that may help the islands is a recent boost to its culinary reputation.

A goat's cheese produced by a co-operative in the islands has just won the title of the best cheese in the world at the World Cheese Awards.