UK Holidaymakers Going Abroad are Boosting our Economy
Tourism is a hugely profitable industry; take a look at the price of holidays, flights, accommodation and even memorabilia from souvenir shops. But with the notoriously unreliable British summer many believe Britain is failing to reap the financial benefits of tourism as much as its European neighbors are.
Whilst at first glance this seems perfectly logical, how can our tourist industry thrive if no one wants to holiday here? Brits heading abroad this summer are actually boosting our economy due to their excessive pre-holiday splurge.
According to a recent survey, 29% of Brits will spend in excess of £500 before going abroad and 60% of Brits admit to spending at least £200 on various services and holiday-related purchases before leaving the UK. This demonstrates that some holidaymakers are actually spending more money on holiday-related services and products than on their summer package deals! Whilst this is bad news for travelers with maxed out credit cards, it’s quite a blessing for high street shops which have been struggling of late.
British Economy Boosted by Brits Heading Abroad
Although the figures may seem a little steep, when you consider everything which you buy before your holiday, £200 is probably toward the lower end of the scale. Whilst holiday clothes, luggage carriers and toiletries are generally a given, bikini waxes and haircuts often creep onto the female holiday preparation agenda. Not to mention travel essentials purchased from British companies, such as currency and travel insurance; the annual summer trip abroad pumps a considerable amount of money back into the economy. Many people take up gym memberships in the spring merely to get in shape for their summer holiday; this could even be counted as an additional economy boost.
How Brits can keep their Holiday Expenditure Down
Whilst all the splurging in preparation for holidays abroad is good news for shop owners and large corporations offering travel-related services, holidaymakers are often left feeling rather short when they touch down back in the UK. So how can the indulgent ‘holiday shop’ be reduced?Continued on the next page