British holidaymakers are saving money by choosing to stay in the UK for their main holiday rather than travelling abroad.
Opinium polled a group of 2,000 adults online and the results were analysed and published by Barclays Business Banking. The research shows 75% of UK households are opting to stay in the UK for their holidays and spending less to save the pounds.
On average, British holidaymakers are spending 14% less than they were last year. During the average staycation this year families are only spending £530 compared to £613 in 2016.
Of those that have reduced their spending, 23% say they did so because they have less money than they did last year. 11% claim they can’t afford to spend any more because the everyday cost of living has increased and 10% have decided not to go on holiday at all in a bid to save money for the future.
Ian Rand, CEO of Barclays Business Banking, said: “While it’s good news for the UK economy that more Brits are opting to spend their holidays in the UK, our poll shows purse strings are being tightened and domestic spend is down.
“However the weak pound is attracting growing numbers of inbound tourists, which is having a healthy impact on SME businesses in the accommodation and food services sectors.”
Brexit and the falling value of the pound have played a role in altering the habits of British holidaymakers. 14% of those who answered the survey admit that they changed their holiday plans as a result of the Brexit vote in June last year.
A further one in ten adults say the value of the pound after Brexit influenced their decision to stay in the UK for their holiday.
Travel gurus at the Lonely Planet have named North Wales one of the top travel destinations of 2017. Wales are fourth on the leaderboard above South Australia.
The research by Barclays Business Banking aligns with findings by the Camping and Caravan Club who reported they are now more popular than ever. The club has reached its highest ever membership since the company was founded in 1901.
Barclays Business Banking said that despite Britons spending less on their UK holidays, the shortfall has been filled by an influx of oversees visitors.