Holiday spending to hit £28bn by 2012

UK holiday spending is expected to increase year on year culminating in a 15% rise to £28.4bn in the five years to 2012.

A study by research consultants Market and Business Development suggested the rate of growth would be slower than between 2003 and 2007 because of rising oil prices, tax on air travel and the Olympic Games, which might encourage UK residents to delay their holidays.

MDB predicted spending on package holidays would increase just 3% in the five-year period, reflecting the trend for consumers to book DIY holidays online instead of through tour operators.

Between 2003 and 2006, spending increased nearly 20%, driven by travel to long-haul destinations such as the Caribbean, South America and Australasia.

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