UK Travel Spend Increased in 2012

According to estimates offered in a report from Dublin-based Research and Markets expenditure on travel and tourism by UK residents both domestically and overseas grew by 4.2% in 2012.

The UK travel and tourism market is mainly comprised of outbound tourism and domestic tourism. In terms of expenditure, outbound tourism represents the most significant sector, making up 57.4% of all expenditure in 2012. However, with depressed consumer expenditure in recent years, the gap between the two sectors has shrunk.

Despite the expected recovery in the sector in 2012, the outbound market has suffered considerably as a result of the economic recession, with double-digit declines recorded in both the total number of trips and total expenditure on overseas visits by UK residents over the last 5 years.

In the domestic sector, however, the market has performed strongly, with growth in both volume and value over the last 5 years. This trend is again attributable to the adverse economic conditions, with consumers increasingly opting out of cost-intensive overseas holidays in favor of cheaper domestic trips.