Holiday Budgets for UK Travellers Projected to Decline

Published: 09/05/2014

Despite UK travellers still being among the most likely to spend a lot of money while on holiday, the latest instalment of research commissioned by TripAdvisor projects that spending will show a decline at the end of the year. The news is not what holidaymakers were hoping for amidst news reports that the economy is slowly expanding again.

TripAdvisor surveyed more than 61,000 travellers from around the world about their holiday plans for 2014. Among them were 5,000 Brits. The UK respondents indicated that their holiday budgets had fallen from £5,381 in 2013 to £5,016 in 2014. That amounts to a 7% decline. The data suggests the numbers may decline even further for next year. Conversely, the average holiday budget globally is up 3% this year.

On a more positive note, approximately 91% of respondents said that they plan to travel abroad this year. Only 83% did so in 2013. As far as domestic travel goes, 90% of UK holidaymakers intend to take at least one trip this year in addition to their international travel. When all is said and done, we will continue to travel as we always have. We will just spend less money doing it.

Popular Staycations

One possible explanation for the shrinking holiday budget is the continued popularity of the staycation. Taking holidays close to home really took off during the first few years of the financial crisis because people could simply not afford to travel far away. As a result, families learned they could enjoy themselves while spending less money. One possible result is that more of us are budgeting less money for holidays with every intention to holiday domestically.

Rising airline prices may also have played a role in tighter budgets. Families may decide to limit air travel in favour of getting to holiday destinations by car or train. Again, a natural result would be the realisation that the family can still enjoy a great holiday without spending a lot of money. This could be encouraging Brits to reduce their holiday budgets.

Regardless of the causes, the fact remains that Britons love to travel whenever they get the opportunity. So regardless of your plans this year, make the most of them. Make a point of getting out there and visiting a place you have never been before, a place that will allow you to explore, relax and meet new people. And of course, be prepared when you go.

Basic Preparations

Basic preparations include things like pre-planning your itinerary, looking for package deals with lower prices and, of course, purchasing an inexpensive travel insurance policy. Travel insurance offers you protection against financial loss in the event of:

  • missed flights or cancelled plans
  • altered itineraries
  • lost or stolen luggage
  • illness or injury.

You will not need cover for accident or illness as long as you remain in the UK and you are not planning to participate in extreme sports. For all other types of holidays, cover for illness and injuries is a wise idea.

 

Sources:

  1. Breaking Travel News – http://www.breakingtravelnews.com/news/article/brits-holiday-spending-set-to-fall/
 
Posted in: Travel News
 
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