Overseas holidays spend up 28%, says Mintel report
Spending by Brits on long-haul holidays grew by 41% between 2002 and 2006 to just under £8 billion, according to the latest Mintel report.
Long-haul is the fastest growing travel market, according to the The British Lifestyles 2007 report.
Overall, spend on overseas holidays is up 28% to £23.8 billion.
Domestic holidays have also regained some of their popularity over the past few years and have seen value sales grow 20% since 2002 to £9.8 billion in 2006.
Despite rising interest rates, higher fuel costs and an uncertain housing market, Mintel found Brits spent more in 2006 than in the previous year.
Last year, consumer expenditure hit £1.09 trillion, up 9% on 2005 figures.
This compares to a 6% growth in consumer spend between 2004 and 2005.
“The clear message is that it takes a lot to dampen down consumer confidence, as last year Brits continued to spend, spend, spend,” said Neil Mason, senior retail analyst at Mintel.
“Rising disposable income has lead to higher expectations about the quality of life, and as a result we are increasingly trading up and spending more on better quality, premium products and services.”
The report found holidays are the number one priority for British adults over the next 12 months.
As many as one in four (23%) plan to go on a major foreign holiday, with 22% planning to go on a short break.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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