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Travel trends
Outbound travel volumes will grow at an average annual rate of 3% over the next 3-5 years. Overseas expenditure (forecast at £37.11bn in 2008) will grow at an average annual rate of 5% over the next 3-5 years(1,2).
International tourism – key drivers
- Lifestyles/socio-economic prosperity:
- economic uncertainty is not expected to affect UK international tourism heavily in the short term. UK holiday-makers believe that holidays are more of a necessity than a luxury.
- Independent travellers:
- these will drive outbound travel and expenditure over the next five years. During 2007, 68% of holiday-makers booked independently(3).
- Low-cost airlines and the ‘Open Skies Agreement’:
- these continue to encourage greater volumes of international tourism to more long-haul destinations, while the advent of the agreement will open up independent travel to America.
(1) International Passenger Survey (IPS) ‘Travel Trends’, produced by Office for National Statistics, Crown copyright 2008.
(2) Travel & Tourism Market, Market Review September 2007, Key Note Ltd.
(3) Ipsos-MORI – Travel Money Omnibus 2007 (base = 6,000 foreign currency buyers).
(4) Continental Research – Holiday Planning Report Copyright 2007.
(5) First Rate Research/Historical data.
(6) APACS – UK Payment Statistics Copyright 2007.
(7) BBA Yearbook – Banking Business, The Annual Abstract of Banking Statistics Volume 23, Copyright 2006.