TripAdvisor survey find Brits plan to spend more on holidays in 2014

A third of UK holidaymakers a plan to increase the amount they budget to spend on travel in 2014 according to the results a latest barometer survey by TripAdvisor.

A third of UK holidaymakers a plan to increase the amount they budget to spend on travel in 2014 according to the results a latest barometer survey by TripAdvisor.

The TripBarometer, which is independently analysed by Edleman Berland and conducted twice a year, collated the views of 19,000 travellers and 10,000 accommodation business owners globally.

The key UK findings were:

• A third of UK travellers expect to increase their travel budgets in 2014, despite lingering consumer pessimism about the economic recovery;
  
• UK travellers’ holidays are becoming shorter but more frequent, as one in five Brits cut back on longer holiday breaks;
  
• Two thirds of UK hoteliers are optimistic about their business’s profitability in 2014, and more than half plan to increase room rates – yet the economy is still expected to have a negative impact on business;
  
• Brits are also making cutbacks in their daily lives to protect their holiday budgets – more than half are cutting nights out, a fifth are cutting back on charity donations, and one in twelve (8%) are even cutting back on childcare costs.

Julio Bruno, global vice-president sales, TripAdvisor for Business, said: “Despite not being overly optimistic about the economy, people seem to have adapted.

“Many are planning to take more trips this year and they are willing to make sacrifices in other aspects of their lives in order to have a holiday.

“Hoteliers are clearly encouraged by travelers’ plans to take more trips, demonstrating rising confidence with plans to increase room rates and invest more in their businesses.

“The TripBarometer highlights how the travel economy and people’s perception of travel can affect the industry in a big way – and the results all point to a very good year ahead.”

Other Survey findings:

• Only a fifth of UK travellers (21%) are optimistic about the economy, compared to a third of travellers globally
  
• Yet, more UK travellers (32%) expect to increase their travel budget in 2014 than expect to decrease it (24%)
  
• Only 9% of UK travellers attribute their planned increase in budget to increased confidence in the economy
  
• In fact, two thirds (60%) say the health of the UK economy will have no impact on their travel plans for 2014
  
• Globally, more travellers in emerging markets plan to increase travel spending than those in Europe and North America

Trips are shorter yet more frequent

• One in five Brits (20%) will take more shorter holidays in 2014, while conversely around one in five (18%) expect to take fewer longer holidays

Everyday sacrifices help make trips possible

• 88 per cent of all global travellers say it’s worth making sacrifices to make memories
  
• In UK, consumers are most likely to sacrifice nights out in order to save for a holiday
  
• More than one in five (21%) Brits are even willing to cut back on charity donations for a holiday
  
• For some, holidays even take priority over child-related commitments
  
  
  
  • 8 per cent of UK travellers cut back on child care costs for holiday
    
  • 8 per cent of UK travellers cut back on child-related extracurricular activities
    
  • 6 per cent of UK travellers cut back on children’s education spending

Hoteliers are confident about future profitability

• Two thirds of UK hoteliers (59%) are optimistic about their business’ profitability in 2014
  
• Yet, more than half (52%) expect the state of the UK economy to have a negative impact on their business
  
• UK hoteliers are slightly more optimistic than European average (56%) but less optimistic than rest of the world

Hoteliers’ optimism is driving investment

• More than half of UK hoteliers (53%) plan to increase room rates
  
• A third (30%) of those increasing rates say it is in anticipation of increased demand
  
• Globally, 17 percent of hoteliers plan to open a new property in 2014, with Asia, Europe and South America leading the way – with 34 percent, 21 percent and 10 percent respectively making plans