A holiday to property in Spain and other tourism destinations worldwide is now seen as an essential item by many households, says ABTA – The Travel Association.

Following chancellor of the Exchequer George Osborne's spending review speech earlier this week, ABTA suggests that some households may be tightening their belts in the months to come.

However, this may still not lead many to view their trips to property in Spain, France and destinations further afield as disposable.

"Value for money will be key to holidays over the coming year," says ABTA head of public affairs Luke Pollard.

But he adds: "Current austerity will force customers to spend smart [elsewhere] in order that they can continue to have money for 'new' essential items such as travel."

Within transport itself, the spending review calls for efficiency improvements, rather than spending cuts, in some areas including aviation research to ensure development of air travel continues but at a lower cost to the taxpayer.

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