Holiday Review - UK - March 2015
“Active professionals looking for adventure holidays and city breaks, affluent families seeking to take advantage of likely fare reductions and APD tax rate cuts on long-haul trips, and over-55s buying cruises, upmarket escorted tours and cultural/historical trips are likely be to among the most lucrative travel markets in the next five years.”
– John Worthington, Senior Analyst
This report answers the following key questions
- What opportunities are there to raise levels of business outside the peak travel months?
- Which types of product offer the best growth prospects over the next five years?
- How can travel and tourism brands appeal to today’s value-hunting holidaymaker?
As the axis of travel begins to swing back towards overseas destinations, driven by economic factors, Mintel offers an overview of the current holiday market and prospects for the rest of 2015 and beyond.
This report explores key market drivers, market size, segmentation and forecasts, key trends and product innovation and consumer holiday taking patterns across the overseas and domestic travel sectors.
This report examines the holiday habits and attitudes of British adults. Holidays can take place in the UK or abroad, but must constitute at least one overnight stay.
Economic growth, low inflation, falling oil prices and the growing value of the pound all point towards further revival of holidays abroad, although the overall pace of recovery is expected to be gradual compared to the pre-recessionary boom years given the long-term decline of UK wages. It is likely that more financially secure and affluent consumers will begin to spend more freely on travel, especially ABs and young urban professionals, although there is also the risk that interest rate rises will curb discretionary spending among mortgage payers once they begin to be introduced. The next 12 to 18 months, while oil prices and inflation remain low, may therefore offer a window of opportunity. Affluent over-55s are the highest travel spenders of all, and population trends and pension reforms suggest they will be an increasingly important market over the next few years. A continued uplift of overseas travel is likely to prove a threat for domestic tourism, with the stronger Pound posing a particular problem.
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