How about a comparison with another industry? Look at the supermarket trade and the 2 stores in the UK that are rapidly increasing turnover are: ALDI and LIDL - in the Grocery trade - the 2 LoCos. Brits will always want to go on holiday but if they can cut back on the cost by booking a cheap villa in Spain (of which there is a glut) and book cheap flights then they will. Personally I wouldn't want to be over exposed to Caribbean or similar long haul destinations.