UK Travel Money Market Report 2024
£ 2,195 (Excl.Tax)
Report Summary
Discover the latest trends with Mintel’s cutting edge travel money market research. Our UK travel money market report is packed with valuable insights on consumer behaviour, market dynamics and innovation opportunities. With this report, you’ll have the knowledge to stay ahead of the competition and prepare for future challenges.
Key Issues Covered in this Report
- The impact of the cost of living on travel money.
- Analysis of the size of the market and forecast for the next five years.
- Consumer usage, preferences and attitudes towards payment methods.
- Holiday activity and its impact on travel money.
- Key factors influencing payment methods used abroad.
- Consumers’ spending expectations in the future.
UK Travel Money Market – Overview
The travel money market is being influenced by wider trends in holiday activity. Overseas travel has recovered strongly since the pandemic, but consumers are adapting their behaviour in a number of ways in response to the cost-of-living crisis. This includes picking destinations where travel money will go further, and setting budgets on holiday.
- UK travel money market size: Total overseas spending by UK residents is estimated to have reached £69.9 billion in 2023.
Travel Money – UK Consumer Trends
Changes in domestic payment preferences and habits over the last decade or so are being reflected overseas. In travel money this is being seen in a rising use of cards, accelerated in recent years by the rise of fee-free options. Cash remains the most popular payment method for Brits abroad, overall, but this isn’t the case for younger consumers, suggesting that the role of cash will continue to evolve.
- Travel money consumer insight: 63% of Brits who travelled abroad in the last 12 months used cash on their trip, rising to 90% of over-65s.
Opportunities for Growth in the UK Travel Money Market
- Providers have an opportunity to help consumers during the cost-of-living crisis. Almost two-thirds of UK travellers say the rising cost-of-living has meant they have less money to spend on holidays in the next 12 months.
- Opportunities exist to capitalise on consumers demand for convenience. Almost half of consumers say that a payment method being easy to arrange would encourage them to choose it over another method when on holiday.
Purchase the full report to learn more about opportunities in the UK travel money market, alongside a complete analysis of the market.Â
Expert Analysis from an Industry Specialist
This report, written by Charlie Landsborough, a leading analyst in the finance sector, delivers in-depth commentary and analysis to highlight current trends in the UK travel money market and add expert context to the numbers.
Consumers’ prioritisation of holidays is keeping demand for travel money high. As travellers continue to transition towards cards, convenience and security are key.
Charlie Landsborough
Financial Services Analyst
Table of Contents
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- Key issues covered in this Report
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Executive Summary
- Opportunities for the travel money market
- Market dynamics and outlook
- What consumers want and why
- Graph 1: destinations visited in the last 12 months, 2023
- Graph 2: sources of arranging travel money in the last 12 months, 2023
- Graph 3: preferred type of travel money, 2023
- Innovation and marketing
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Market Dynamics
- Market size
- Graph 4: total spend abroad by UK residents, 2019-23
- Graph 5: overseas trips by UK residents, 2019-23
- Market forecast
- Market segmentation
- Graph 6: overseas spending on holidays by UK residents, 2015-23
- Graph 7: visits abroad for business travel by UK residents, 2023
- Graph 8: average spend on overseas trips by UK residents, 2015-23
- Macroeconomic factors
- Graph 9: CPI inflation rate, 2021-24
- Graph 10: the financial wellbeing index, 2016-23
- Graph 11: the financial confidence index, 2016-24
- Graph 12: spending priorities if financial situation significantly improved, 2023
- Regulatory and legislative factors
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What Consumers Want and Why
- Holiday activity
- Graph 13: destinations visited in the last 12 months, 2023
- Graph 14: destinations consumers are planning to visit for a holiday in the next 12 months, 2023
- Graph 15: social media platforms’ (eg Instagram, TikTok) influence on holiday ideas, by generation, 2023
- Types of travel money used
- Graph 16: types of travel money used in the last 12 months, 2023
- Graph 17: types of travel money used in the last 12 months, 2022-23
- Graph 18: number of methods used when paying for things abroad, 2023
- Graph 19: consumers’ spending methods on their last holiday, by number of methods used, 2023
- Graph 20: preferred type of travel money, 2023
- Arranging travel money
- Graph 21: sources of arranging travel money in the last 12 months, 2023
- Key considerations for travel money
- Graph 22: priorities when choosing one spending method over another for use on holiday abroad, 2023
- Future travel expectations
- Graph 23: consumers’ spending expectations for their next holiday abroad compared to their last, 2023
- Travel money behaviours
- Graph 24: consumer attitudes towards travel money, 2023
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Innovation And Marketing Trends
- Competitive strategies and launch activity
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Appendix
- Market forecast data and methodology
- Report scope and definitions
- Methodology
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