Travel will be a top priority for consumers this year over all other recreational experiences, a new survey reveals.
More than 7.3 million Britons class international travel as more of a ‘life-priority’ than ever before.
As many as three million people want to travel prior to Brexit before the value of the pound decreases, according to the research by currency exchange platform WeSwap.
With 17.9 million travellers planning to spend over £750 per trip, the 2018 national spend overseas could reach more than £13.4 billion.
The study estimates that about 40 million holidaymakers are budgeting a minimum of 20% of their disposable income towards travel.
Among this, 5.8 million holidaymakers will spend between 30% to 40% of their disposable income on non-work-related travels abroad in 2018 and two million people plan to spend upwards of 50%.
The results reveal a significant rise in the nation’s allocated funds per trip between 2017 and 2018, despite a decline in consumer spend on the high street.
A sharp increase in how much people are willing to spend while abroad is highlighted – an average of £821 per person in 2018, up from £726 last year.
Many are putting away significantly higher amounts with almost 8 million people aiming to spend over £2,000 abroad this year, up from 5.9 million.
Those aged over 65 spend the most of travel, on average £876 per person.
Younger demographics are more frugal with their funds, with holidaymakers aged 18-24 allocating £510 with 25 to 34-year-olds allowing £667.
More than a third (40%) of travellers are planning their trips in advance to allow for better management of funds compared to 1% wo book spontaneously.
And a quarter of a holidaymakers want to travel to countries further afield including tropical destinations and long-haul flights.
The majority of those surveyed prefer to spend more money while away on tourist attractions and cultural activities ahead of bars and dining.
WeSwap founder and chief executive, Jared Jesner, said: “The fact that the nation loves holidays is of course well known, however understanding how this passion converts to actual consumer spend for 2018 is significant.
“It’s great to see that such a vast proportion of Brits are keen to travel further afield and showing a real commitment to international adventures.
“Equally, with so many travellers planning in advance and looking at alternatives to get the most out of their travel budgets, it’s clear we’re becoming a much more savvy nation of holidaymakers when it comes to maximising our travel money.”
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