Tourism Source Market Insights: UK - Analysis of tourist profile, traveler flows, spending patterns, main destination markets, and risks and opportunities
GlobalData’s Tourism Source Market Insights: UK, provides a thorough insight into the UK's domestic and outbound tourism industry. The report shades light into the profiles of UK tourists and summarizes the key reasons why the British travel. The report offers an in-depth analysis of traveler flows, spending patterns, main destination markets and current and future opportunities for tourism businesses seeking to tap into the UK outbound travel market.
The UK presents one of the most valuable travel markets globally. Although total domestic flows are expected to decline slightly within the next two years, the outbound travel segment is poised for strong growth. In particular, though domestic business and VFR trips have declined since the Brexit vote, the segment of domestic leisure trips is booming. A growing number of British consumers are opting to spend their holidays in the UK because of the underlining cost, time, and convenience benefits when compared to traveling abroad.
Domestic tourist expenditure in Britain is currently higher than outbound spending. However, GlobalData expects a trend reversal, with overseas spending reaching US$152.1 billion by 2022, while domestic spending will reach US$94.6 billion.Given the prevailing socio-economic developments following the Brexit vote in June 2016, Britons have become increasingly price-conscious. Although traveling remains a priority for households, consumers are seeking value for money deals, which is fueling the growth of package holidays.
Given that the UK is one of the most mature markets worldwide, businesses seeking to tap into the outbound travel segment must diversify their product offering and focus on experiences, improve their online presence and invest in omni-channel strategies as well as provide value for money deals.