A boom is a great build up in the price of a particular product or the localized rise in an economy. In a boom there is low unemployment and businesses are mostly very profitable and find it easier to survive. Most people have a lot of disposable income in a boom so therefore can afford luxuries such as holidays.
At the moment the economy is in recession, this is known the credit crunch and has had a huge impact on everyday families’ lives, in not just the UK, but all over the world. Many people have lost their jobs and are finding it increasing hard to get by. This means that many people are only buying the basics in order to get by and cannot afford to splash out on luxuries. This includes mothers and fathers of young children which means added pressure to their financial struggles.
Wikipedia defines the credit crunch as:
“A credit crunch (also known as a credit squeeze, finance crunch or credit crisis) is a reduction in the general availability of loans (or credit) or a sudden tightening of the conditions required to obtain a loan from the banks. A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates.”
“Source: http://en.wikipedia.org/wiki/Credit_crunch /”
As loans become harder to pay off, people struggle to pay for necessities such as food, and rarely have spare money to pay for holidays, particularly holidays abroad as they are often pricier than domestic travelling.
As well as having a bad effect on families, the credit crunch has also had a bad effect on many businesses, including large,... [continues]
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(2012, 03). To What Extent Has Change in the Economic Climate Impacted Upon Uk Resident’s Family Holidays in Summer 2009?. StudyMode.com. Retrieved 03, 2012, from http://www.studymode.com/essays/To-What-Extent-Has-Change-In-949855.html
"To What Extent Has Change in the Economic Climate Impacted Upon Uk Resident’s Family Holidays in Summer 2009?" StudyMode.com. 03 2012. 03 2012 <http://www.studymode.com/essays/To-What-Extent-Has-Change-In-949855.html>.
"To What Extent Has Change in the Economic Climate Impacted Upon Uk Resident’s Family Holidays in Summer 2009?." StudyMode.com. 03, 2012. Accessed 03, 2012. http://www.studymode.com/essays/To-What-Extent-Has-Change-In-949855.html.