A new report has revealed how millions of British holiday makers are abandoning plans to travel abroad this summer and instead are opting for ‘staycations.’
This latest travel trend provide a major boost to the UK economy as British hotels look forward to welcoming more and more guests over the coming months.
Tourism boards across the UK are reporting record-breaking numbers of bookings and inquiries over the past few weeks, suggesting Brits will pump billions of pounds back into the UK instead of spending their cash abroad.
Last night experts said the boost “could not come at a better time” and claimed British families choosing to holiday at home would have a “disproportionately” positive fiscal effect.
Justin Urquart Stewart, economist and director at Seven Investment Management, said: “More people holidaying in the UK will hugely boost our economy at a time when we greatly need it. “Families spend around 20pc of their net incomes on holidays so the impact will be disproportionately large.
“Staycations” have been steadily gaining popularity since the start of the year with a record-breaking 7.3 million people holidaying in England in the first quarter of 2016, up 10pc compared to the same period in 2015, according to Visit England.
In recent months, plans for family trips abroad have been thwarted by a number of factors most notably our decision to leave the EU in June’s referendum.
European holidays have escalated in price as the spending power of holiday money has been savaged by the falling value of the pound, which has dropped 10pc against the euro since Brexit.
Holidays to such countries now cost the average family of four £245 more than they did prior to the vote, figures from TravelSupermarket show.
Another major concern is the threat of terror attacks in once-popular destinations such as Egypt, Turkey and France, as families fear for their safety.
Patricia Yates, Director at Visit England, said: “Britain looks particularly good value at the moment because of the value of the pound. Beach and countryside holidays are growing in popularity and are helped by the rise of glamping and AirBnB.
“Once popular destinations such as Egypt and Turkey now look much less safe than they did in the past so there is already a shift away from those areas.”