The annual holiday that used to be seen as a luxury is now considered a necessity for many British holidaymakers, according to a travel industry spokesman.
US research carried out by Kayak.com in April this year found that 79 per cent of travellers had altered holiday plans as a result of financial problems.
The troubles in the US economy have had knock-on effects in the UK and people are expected to cut back on spending over the coming months.
A spokesman for the Association of Independent Tour Operators said that, while the majority of Brits are likely to be concerned about their financial situation, most will still take a holiday.
"I think people are definitely concerned but people are working very hard these days and they see a nice holiday as a necessity rather than a luxury," he said.
"People are working longer hours, paying more tax and paying out an awful lot so a holiday is one thing we will take come hell or high water."