£7.3bn staycation boost for UK economy

Hotel News - 19/05/2011

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The UK tourism industry should enjoy a huge boost from an increase in the numbers of holidaymakers who choose to remain at home for ‘staycations’. Brits seeking to save money for their holidays should contribute to a 10-per-cent increase in tourist revenues in 2011, worth some £7.3 billion.

Tourism analysts say British holiday makers are being inspired to stay in the British Isles by a combination of a weak pound and unseasonably warm temperatures. The weak economy and an increase in the cost of living mean more people are looking for ways to save money.

People don’t want to give up the chance to take holidays, however. As a result, many more people are expected to spend their holidays this year closer to home.

Taking a holiday in the UK, instead of heading abroad can result in significant savings, especially as many holiday packages are priced more cheaply this year. The average seven-day holiday break this year costs £433.69.

That’s a whopping £144.31 less than it cost last year. Taking seven days off on a foreign holiday costs, on average £1,427.58, says the Daily Express.

The conclusions about holiday behaviour this year appear to be borne out by the findings of other players in the travel industry. American Express Travellers Cheques says nearly 40 per cent of people this year have refused to give up their summer holidays.

People are instead finding other ways of cutting their spending. They’re spending less at the pub, at restaurants and on clothes.

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