By 2024, the outbound travel market in the United Kingdom is expected to be worth US$ 90.46 billion. With a CAGR of 8.60%, this pace is predicted to continue, resulting in an anticipated valuation of US$ 206.43 billion by 2034.
Many things play a part in this optimistic view. There is now more disposable income as a result of rising household incomes. This enables people to set aside more money for leisure travel, such vacations abroad. Additionally, thanks to advantageous exchange rates with nations with weaker currencies, the strong British pound sterling has significantly increased the affordability of overseas travel for citizens of the United Kingdom.
Despite the slowdown in economic growth, European outbound travel has grown by 3%. Globally, the United Kingdom is one of the top five spenders on outbound tourism. Outbound travel is increasing steadily in the United Kingdom along with domestic and inbound tourism. According to the Office for National Statistics of the UK, residents of the United Kingdom made 70.4 million outbound trips in 2016, which is a 7% increase compared to 2015.
Trips taken as holidays remained the main purpose of the trip for UK outbound tourists in 2016 followed by visiting friends and relatives and business trips. According to the World Travel and Tourism Council, the outbound tourism expenditure of UK travellers crossed US$ 70 billion and is projected to reach US$ 102 billion by the end of 2024.
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The outbound travel sector in the United Kingdom provides employment on par with other well-known and recognised industries, such as food and electrical equipment manufacturing and machinery and equipment industries.
UK Outbound Travel: Market Dynamics and Restraints
Relatively high disposable income per capita is expected to drive the United Kingdom’s outbound tourism sector. Baby Boomers, with more free time and money for travel, are the most important segment of the UK outbound travel sector. The baby boomer generation has topped the market share of the UK outbound travel sector mainly attributed to the recent changes in pension annuities. According to the International Passenger Survey, the residents of UK prefer July and August for travel abroad mainly due to the long school holidays.
Other popular months are April, May, June, October and November. January to March is a popular time for single-week ski trips and winter sun breaks to cheap destinations, usually as an extra holiday. Along with the international airports, the United Kingdom has a large number of regional airports offering international services to important destinations which include Manchester, Nottingham, East Midlands, Liverpool and Leeds.
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Medical tourism across the globe also faced difficulties in the last couple of years. Outbound medical tourism from Britain has recovered slowly after the recession. Factors include poor National Health Service delivery, problems with National Health Service dentistry, and objections and delays relating to National Health Service. Reforms have helped boost the outbound tourism sector in the UK.
UK Outbound Travel: Regional Analysis
Europe is most popular region for UK tourists with over 75% of total outbound trips. Spain, France, Italy and Germany are the most visited destinations by UK residents and the United States was the most visited non-European destination with around 6% of total visits. China, India, Iceland and Cuba areother popular destinations for UK travellers among other non-European destinations.
Factors such as cultural and artistic heritage, high reputation related to the charming culture and lifestyle, great climate, excellent and frequent flight connections have influenced UK tourists to travel to Italy. In addition to the trips within Europe, long haul travel is also increasingly becoming popular among UK travellers.
The Middle East was the least visited region for UK holidaymakers and India is one of the top destinations for UK travellers in the Asia Pacific region.
This comprehensive report equips readers with lucid information and analysis on the sector.
Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
Key Players
- Thomas Cook Group Plc
- Trailfinders Group Limited
- Saga Plc
- Hogg Robinson Group Plc
- Hays Travel Limited
- The Globespan Group Plc
- Lotus Group Ltd.
Key Segments in the UK Outbound Travel Market
By Type:
- Day Trips & Local Gateways
- Museums
- Pilgrimages
- Religious and Heritage Tours
- Others
By Traveler Type:
- Independent Traveller
- Tour Group
- Package Traveller
By Booking Channel:
- Online Booking
- Offline Booking
By Age Group:
- 0 to 20 Years
- 21 to 40 Years
- 41 to 60 Years
- 60 Above
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