Staycations could inject over £9bn into economy
A continued demand for staycations could see more than £9bn injected into the UK’s tourism economy.
Barclays estimated that, should a preference for UK holidays continue at the same rate in 2022, it would add up to £9.2bn to the domestic tourism market.
While many Brits will be eager to swap Cornwall for Portugal next summer, the relaxing of international travel rules does not mean staycations are a lost cause.
In its Leisure Rediscovered report, Barclays found that 45 per cent of consumers were more likely to opt for a UK holiday than before the pandemic.
The Lake District, Scottish Highlands, and Dorset were among holidaymakers top destination choices in the country.
Less than one fifth (19%) of people surveyed were now more likely to go on holiday abroad, while 36% said their holiday preference has not been changed by the pandemic.
Barclays estimated that hospitality and leisure’s contribution to GDP would be £3.5bn higher between April and December than it was in 2019.
Mike Saul, head of hospitality and leisure at Barclays Corporate Banking, said: “After a very difficult period for the hospitality sector, it is great to see how well the sector has bounced back. Our findings show an industry brimming with confidence and buoyed by surging revenues.”
On average Brits are going on three city breaks this year and spending on average £414 on a holiday, according to the 2021 Travelodge City Holiday Index.
Holidaymakers will spend £17.08 more than the 2020 city break average spend of £396.92, according to the hotel chain’s survey.