The billion-pound boom – UK staycationers set to boost local economies
A sunny summer is forecast for the UK’s tourist hot spots as new Barclays research reveals that millions of Brits are planning ‘staycations’ in 2021.
The news comes as Barclays encourages people to get to ‘Know Your Nation’ and explore the British Isles, with the bank finding that the average UK resident has visited more places abroad than domestically.
As England’s accommodation and indoor hospitality sector prepares to reopen on 17th May, the total spend on domestic holidays this year is anticipated to reach £31 billion,2 with 23 million Brits planning at least one staycation.1
Billion-pound windfalls will be enjoyed by the ten most popular holiday destinations, with top-ranked Cornwall set to welcome £1.7 billion worth of staycation business, while the hotels, B&Bs and tourism economies in the Lake District, Devon and Yorkshire are also likely to feel the benefit.
Brighton sits just outside the top ten with a predicted 1.1 million staycationers bringing a windfall of £843 million to the City.
The pandemic has encouraged people to support the local economy, and half of British holidaymakers (48 per cent) are planning trips that will allow them to explore areas in the UK with lots of small independent businesses. Restaurants are also central to people’s holiday hopes, with access to a top dining spot considered to be ‘really important’ by over half of Brits (54 per cent) when on holiday.
The impact of the pandemic is also shown in people’s holiday preferences. After so much of the past year being spent in lockdown and apart from loved ones, being together is set to be a common theme of this year’s holiday season, with three in five Brits (58%) expecting a resurgence in family holidays.
And with pets considered very much a part of the family, 5.8 million dog owners and 1.4 million cat owners are planning to take their furry friends on holiday with them.4
Over half of 18–34-year-olds (55 per cent) are looking for a luxury break as an antidote to the stress of lockdown life, compared to just one quarter of those over 55 (26 per cent). That said, 45 per cent of 18–34-year-olds are looking to try sea kayaking or surfing this summer, suggesting appetite for activities remains high after weeks and months spent indoors.
Hannah Bernard, Head of Business Banking at Barclays, said: “We’ve been supporting thousands of hospitality and tourism businesses throughout the pandemic, signposting them to grants, helping them with marketing their services even when the shutters have been down, and providing millions of pounds worth of funds through the Government lending schemes.
“We’ve seen many small businesses adapting their premises to get ready to meet the needs of holidaymakers this summer. The investments that they have made will hopefully be rewarded as millions of Brits support the nation’s hotels, restaurants and shops, providing local economies with a welcome boost.”
To find out more about how Barclays can help support your business visit https://www.barclays.co.uk/business-banking/