UK outbound travel will not surpass pre-pandemic levels until 2024 as cost of living pressures forces a rethink in holiday budgets, latest research suggests.
Overseas travel numbers are projected to reach almost 87 million by 2024, surpassing the 84.7 million figure recorded in 2019 even in the face of economic decline in Europe.
Almost half of people identified ‘affordability’ as a main factor in deciding where to go on holiday, data and analytics company GlobalData found.
With rising prices causing budgets to be re-assessed, British travellers are increasingly looking for budget-friendly options.
Low cost travel, especially to favourite holiday sun destination Spain, is set to be most popular with 18.7 million British tourists expected to the country by 2024.
The recovery in outbound tourism follows a weak 2020 and 2021, where lower traveller confidence and strict Covid-19 measures saw numbers shrink to a fraction of what they were in 2019.
GlobalData travel and tourism analyst Megan Cross said: “The Covid-19 pandemic had a huge impact on international travel from the UK with the outbound tourism numbers witnessing a 78.2% year-on-year decline from 84.7 million in 2019 to 18.5 million in 2020, before a further decline in 2021 to a mere 16.3 million.
“With restrictions now eased, and confidence returning, projections for 2022 and beyond are much brighter. This recovery will be a great boost, as the UK is an important source market on the global stage.”
She added: “The periods of high inflation will typically see severely dampened demand for international travel.However, as seen from multiple stories about queues at European airports,the demand is still intact.
“Many European travellers keen on keeping their holiday plans may simply cut the amount they spend on products and services both before and during their trips.
“For example, travellers who usually stay in midscale hotels may now lean towards budget forms of accommodation to keep the costs down. This will certainly play into the hands of companies that already target budget travellers.
“The absence of British tourists during the pandemic impacted many countries, especially in Europe.
“Destinations that can cater to British travellers’ specific needs will see their recovery timelines shortened in the coming years.”