Brits holidaying at home boosting UK economy
More British holidaymakers are choosing to stay at home for their annual break, providing a vital boost for British business, with the average spend per stay up 6%.
Barclays’ business data reveals turnover for small and medium enterprises (SME) in the accommodation and food services sector during the first half of this year is up 6.4% on the same period in 2015. Overall business income in the sector totals £50bn and is up 30% since 2012, making the sector one of the strongest growing in the UK.
With people spending more money on their ‘Great British Getaway’, this in turn presents a huge opportunity for business owners and the tourism industry to capitalise on the rise in domestic tourism.
Head of Business Banking at Barclays
Adam Rowse, Head of Business Banking at Barclays said: “Brits are opting to spend their leisure time on UK shores and in turn it is boosting the takings of business in the tourism sector. With a weaker pound, UK SMEs are also likely to see a rise in overseas holidaymakers coming to the UK.
“With people spending more money on their ‘Great British Getaway’, this in turn presents a huge opportunity for business owners and the tourism industry to capitalise on the rise in domestic tourism. There is welcome growth for UK accommodation and food sectors who have adapted around seasonal volatility and come out fighting.”
The seaside is the most popular type of staycation with 46% heading to be beside the sea, then country breaks (40%). A city break is chosen by 36%, 25% want to spend holidays staying with friends and family, followed by those visiting National Trust sites (21%).
Reasons for choosing a UK staycation include those that like to explore their own country (38%), experiencing lots of fun things to do in the UK (34%), cutting down travel time (27%) and 22% think it’s a cheaper holiday. A further 19% said they were remaining in the UK due to security concerns and terror attacks abroad.