British travel spend falling in 2014
Despite rising levels of consumer confidence in the UK, typical holiday spending for Britons appears to actually be falling, according to new research.
The latest TripBarometer from TripAdvisor, a bi-annual study of more than 61,000 travellers around the world conducted by research firm Ipsos, suggests that a smaller portion of Brits’ household budgets will go towards travel in 2014.
In fact, the total amount we look set to spend on our summer sojourns will fall by as much as seven per cent when compared to 2013, the study indicated.
The average yearly travel spend for a British household will fall to £5,016 this year, from £5,381 in the previous year. The finding is made all the more perplexing by the fact that the global average is rising, as you would expect in the middle of an economic recovery.
Across the world as a whole, typical travel spend will rise by three per cent this year to £3,686, the research indicated. Despite the slight decline, Britain still appears near the very top of the list, with households in Australia, New Zealand and Switzerland the only ones spending more of their yearly budgets on travel.
If you’re looking to scale back on the travel spend this year, one aspect you definitely shouldn’t cut back on is travel insurance, which not only saves you significantly in the long-term if you have an accident, but also covers you for liability if others are hurt as a result of your actions.
However, the findings of the report show that Brits have no excuses when it comes to making sure they have adequate cover. This is because they are shown to be the world’s most prepared travellers, with 22 per cent arranging their holidays at least seven months in advance.
Marc Charron, president of Tripadvisor for Business, said: “Travellers are upping their budgets but they are looking for bargains, expecting their accommodation of choice to deliver on value. Special offers, complimentary amenities and exceptional service are all going to be important factors in swaying potential guests.”