Four in ten travellers around the world plan to spend more on holidays this year, a new study reveals.
The hospitality sector is set to benefit from an 8% rise in the average annual British household holiday budget to £5,500 in 2015, according to the TripAdvisor study.
This ranks UK holidaymakers among the top five in the world for projected annual spend in 2015, after Switzerland, Australia, New Zealand and the US.
Russia and Greece are the only countries where more travellers are planning to decrease rather than increase their holiday spend this year.
The results come from a TripBarometer study by independent research firm Ipsos for the travel reviews site, which analysed more than 44,000 global responses from travellers and the hotel sector, with 3,735 respondents from the UK.
Of those travellers globally who are upping their holiday budgets, Britons (38%) are more likely to be doing so in order to take a long-haul trip this year than the average traveller worldwide (32%).
Australia and New Zealand are still the top dream destinations for UK travellers, but less than one in 20 visited either country last year and only 9% plan to do so in the next 12 months.
The report also highlights that more UK travellers plan to take international trips than ultimately go on them every year.
Domestic travel also remains popular in the UK, with nearly half (49%) of all holidays by the British staying within the UK.
With the average British household holiday budget rising to an estimated £5,500, UK hoteliers stand to gain from a boost in domestic holiday spending.
Forty eight percent of British hoteliers plan to raise room rates in 2015. Of those planning an increase, 45% say this is because they have recently completed renovations on their property.
Three in five hoteliers globally (60%) will spend more on online reputation management in 2015 and one in four (26%) plan to spend ‘much more,’ according to the poll.
When asked which elements they feel are most important to the future of their business, online reputation is cited as important by 95% of hoteliers, and very important by 73%.
Despite the UK hotel sector’s overall confidence, it is less positive than many of its peers in other markets, particularly emerging markets. Hospitality businesses in Indonesia, India and Mexico lead the global rankings for confidence, while businesses in France are the least positive among the 27 markets surveyed.
TripAdvisor for Business president Marc Charron said: “This year’s TripBarometer reveals a rising confidence in the global hotel sector, with one in two hoteliers raising room rates and a significant growth in optimism worldwide.
“Increasing repeat business, driving more direct bookings, and encouraging online traveller reviews will be key themes for the hotel sector this year.”
TripAdvisor chief marketing officer Barbara Messing said: “The TripBarometer report paints a positive picture for travel this year, with travellers twice as likely to be increasing their holiday budgets than cutting their spending.
“Across the board, people want to take more international trips and Australia, Italy and the US continue to be the destinations topping travellers’ wish lists.”