The research showed that households in the UK are planning to spend over a fifth of their disposable income (22.5%) on travelling this summer, both at home and abroad. Instead of booking often cheaper Airbnb accommodation, Brits are actually splashing out on hotels and are willing to spend over €100 a night during their summer holidays – with only the Nordics intending to spend the same amount or more, in the study of European consumers.
Ferratum also found that travel takes up the majority of UK spend over the summer months, with only 10.5% of intended summer spend going on other items such as new clothes and social activities.
Tony Gundersen, UK Country Manager for Ferratum Group comments:
“This year’s Summer Barometer™ clearly demonstrates how much the UK prioritises summer holidays when it comes to overall spending throughout the year.
Despite disrupting the hotel sector, it is clear that British travellers still prefer the comforts of a hotel over living in rented Airbnb accommodation. Travel and hospitality providers across the globe have a strong opportunity to benefit from the increased customer demand coming out of the UK this summer, and must prepare accordingly to reap the rewards of this busy period.”