Tourism Source Market Insights: UK – Analysis of tourist profile, traveler flows, spending patterns, main destination markets, and risks and opportunities
Summary
GlobalData’s “Tourism Source Market Insights: UK”, provides a thorough insight into the UK’s domestic and outbound tourism industry. The report shades light into the profiles of UK tourists and summarizes the key reasons why the British travel. The report offers an in-depth analysis of traveler flows, spending patterns, main destination markets and current and future opportunities for tourism businesses seeking to tap into the UK outbound travel market.
The UK presents one of the most valuable travel markets globally. Although total domestic flows are expected to decline slightly within the next two years, the outbound travel segment is poised for strong growth. In particular, though domestic business and VFR trips have declined since the Brexit vote, the segment of domestic leisure trips is booming. A growing number of British consumers are opting to spend their holidays in the UK because of the underlining cost, time, and convenience benefits when compared to traveling abroad.
Domestic tourist expenditure in Britain is currently higher than outbound spending. However, GlobalData expects a trend reversal, with overseas spending reaching US$152.1 billion by 2022, while domestic spending will reach US$94.6 billion.
Given the prevailing socio-economic developments following the Brexit vote in June 2016, Britons have become increasingly price-conscious. Although traveling remains a priority for households, consumers are seeking value for money deals, which is fueling the growth of package holidays.
Given that the UK is one of the most mature markets worldwide, businesses seeking to tap into the outbound travel segment must diversify their product offering and focus on experiences, improve their online presence and invest in omni-channel strategies as well as provide value for money deals.
Scope
– Domestic travel has declined as the Brits make fewer business and VFR trips. However, domestic trips for leisure purposes are growing rapidly.
– Overseas travel is on the rise as the British prioritize traveling and experiences over buying stuff’.
– Europe accounts for 79.4% of outbound British travelers, with Spain, France, and Italy making up the top three destinations.
– Multi-generational and couples’ trips are on the rise as consumers are willing to spend quality time with loved ones and share costs.
– Sun and beach holidays and city breaks are the two most popular types of holiday in the UK.
– Securing an aviation deal in Brexit talks will be fundamental for both the UK outbound travel market, but also for the top EU destinations.
Reasons to buy
– This report provides clear insight into developments in one of the most valuable outbound tourist market.
– The report uses data and analysis to discuss future trends related to domestic trips, international departures, traveler spending, and main destination markets. Moreover, the report explores the different profiles of British tourists and the reasons why they travel, hence providing an insight into the trends in different segments of the market.
– The reader gains a strong understanding of the opportunities in the country, as well as the risks, to support better business decisions.
