Britons choose staycations in new headache for tour operators: study
Reuters
Published May 22, 2019 07:23PM ET
Britons choose staycations in new headache for tour operators: study
LONDON (Reuters) - More Britons will opt for staycations this year over heading for trips abroad, a study by Barclays (LON:BARC) showed on Thursday, in a possible new blow for struggling tour operators.
A survey of 2,006 domestic tourists found that 31% said they were likely to spend more time on holiday in the UK this year, compared to just 8% who said they would spend less time.
Thomas Cook issued its third profit warning in less than a year last week, saying weak demand had led to increased promotional activity and earlier discounting than usual.
It has struggled to recover from a disastrous summer last year when a heatwave in northern Europe - including Britain - dissuaded would-be travelers from booking lucrative last-minute deals, with many Britons instead opting to enjoy the sun while staying closer to home.
Thomas Cook and airlines such as easyJet (LON:EZJ) have said that uncertainty around Britain's decision to leave the European Union has contributed to a tougher environment.
The Barclays survey said that 18% cited concern over the impact that Brexit could have on foreign travel and family finances when opting for a staycation.
However, the main reasons for staycations were convenience, at 34%, and nostalgia, with 21% saying they wanted to visit places they have been before.
Over half of businesses surveyed also said that they had seen an increase in domestic tourism since 2017.
Out of 528 UK hospitality and leisure businesses, 55% had seen an increase in demand, while two in five said that bookings were being made further in advance.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.