City types 'payout breaks'
Last updated at 11:02 09 June 2008
Extended multi continent breaks are popular with city workers
Peru's Inca trail is a traditional backpacker destination
Despite the steely grip of the credit crunch, city types are taking extended luxurious breaks.
This trend, known as 'extrava-gapping' is proving popular as workers cash in on huge redundancy pay-outs and big bonuses.
The report, produced by the upmarket travel company WhiteConcierge, uncovered this decadent trend, and with reports of up to 60,000 redundancies expected in the banking sector, the trend is set to continue.
The survey of City of London employees found that close to half (43%) knew a friend or colleague who had taken or was planning to take a extrava-gapping break.
Of these people, approximately 55% had taken the decision after being made redundant, while the rest had voluntarily taken time out from the volatile market conditions to make their trip of a lifetime.
WhiteConcierge said these type of breaks typically included as many as three continents and lasted between four and 12 weeks, but could go on for 18 months.
Asia and South America were the most popular destinations as these areas were often viewed as too distant or difficult to travel around on a shorter holiday.
WhiteConcierge managing director Jonathan Breeze said: "For many workers a career break is a once-in-a-lifetime opportunity and it seems that a large number of City workers are making the most of redundancy pay-outs and after years of record bonuses."
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