LONDON, September 18, 2014 /PRNewswire/ --
Take up reveals the huge pressure on family and middle class finances as they seek alternative ways to fund 'essential' holidays
Middle class professionals make up over 50% of applicants for Travelfund's unique Fly Now Pay Later travel credit account. Highlighting how hard-pressed families, not prepared to forego their annual trip abroad, are seeking alternative ways to pay for their holiday.
In the three months since launch, Travelfund has experienced surging demand for its credit account. Unique visitors have more than doubled month on month and now total over 15,000; over 1,000 of which have applied for an account.
Through the platform, customers can open a credit account of up to £2,000, enabling them to fly before they pay, spreading the cost over 12 months with no hidden charges or early redemption penalties.
Travelfund's data indicates that it is the squeezed middle who continues to feel the financial pinch. The overwhelming majority of those who booked holidays (over 82%) are in full-time employment, with an average household income of £33,700 - considerably higher than the UK national average salary of £27,000.
Paying by instalment to travel is gaining increasing acceptance. According to a recent YouGov survey, 35% of consumers find the prospect of paying for a holiday over a 12 month period appealing. This figure rises to nearly half (48%) among 25-34 year olds.
Despite the financial squeeze, consumers increasingly view an annual holiday as essential. According to ABTA's latest Consumer Trends survey, one in five people found an overseas holiday a necessity.
The travel industry is responding to this continued demand and is becoming increasingly innovative and flexible in the way it accepts payments. A number of holiday companies, including Virgin Holidays and loveholidays.com now accept payment by monthly instalment.
Jasper Dykes, CEO and co-founder of Travelfund, commented:
"It's clear from our figures that Britain's middle classes are still feeling the financial squeeze but are also determined to take their holidays and are comfortable considering alternative ways of funding them. Our view is that paying for travel and holidays by instalment will become increasingly popular in the UK and is in line with a global trend of more flexible travel payment options and routes being offered to consumers."
For further information please contact:
Morgan Rossiter: +44(0)2031953240
For more information about Travelfund visit: https://www.travelfund.co.uk/