Overall, results revealed a significant rise in the nation’s allocated funds per trip between 2017 and 2018, despite a sharp decline in consumer spend on the high street.
More than 7.3 million people class international travel as more of a life-priority than ever before. The nationally representative survey unveiled the majority of those sampled prefer to spend more money while away on tourist attractions and cultural activities ahead of bars and dining.
With this ongoing change in sentiment, more than a third of holidaymakers are budgeting a minimum of 20% of their disposable income towards travel. Among this, 5.8 million holidaymakers will spend between 30 to 40% of their disposable income on non-work-related travels abroad in 2018 and 2 million people plan to spend upwards of 50%.
Equally, there is a sharp increase in how much we are willing to spend while abroad – on average £821 per person in 2018, up from £726 per person in 2017. Many are putting away significantly higher amounts with almost 8 million people aiming to spend over £2000 abroad this year, up from 5.9 million.
With 17.9 million travellers planning to spend over £750 per trip, the 2018 national spend overseas could reach more than £13.4billion.
Despite the Experience Economy assumed to be driven by Millennials, those aged 65+ spend the most of travel, on average £876 per person. Younger demographics are more frugal with their funds, with holidaymakers aged 18-24 allocating £510 with 25-34-year-olds allowing £667.
Brexit and the decreasing value of the pound could well be having an influence on the evidenced rise in travel-spend, with over 3 million people saying the decreasing value of the pound influences their decisions. One in ten holidaymakers look for alternatives to exchange their money prior to travelling.
With this in mind, over 30% of consumers are planning their vacations months in advance, compared to 13% who book trips spontaneously. There is a desire to get as far away as possible, with quarter of all holidaymakers aiming to head to tropical destinations with more long-haul flights.
