Small businesses boosted by staycation economy, survey shows
More people are choosing to stay in the UK for a holiday instead of going abroad, helping to boost SMEs in the accommodation and food services sector, according to a survey from Barclays Business.
Data from the survey showed that 70 per cent of adults in the UK have been on or are planning a staycation, with the average spend per day increasing by over 6 per cent.
The total overall business income in the sector stands at £50 billion, up by 30 per cent since 2012. Growth is 10 per cent higher than the average for turnover growth for UK SMEs, making this one of the UK’s strongest growing sectors.
The research revealed that UK adults spend £22.1 billion on UK holidays, spending £613 on average per party, an increase on last year’s figure of £575.
Men were found to be spending 14 per cent more on UK staycations than women at £657, whilst adults aged 55 and over spend £684 on average.
The survey also found that people in London spend £701 on UK holidays, whilst those in Wales spend £526.
Commenting on the findings, Barclays Head of Corporate and Business Banking in South Wales, Karen Thomas, said that Brits are choosing to pass their vacation time on UK coasts, which in turn is boosting takings for businesses in the tourism sector.
She stated that with reduced valued of the pound, it is likely that SMEs in Wales will see an increase in overseas holidaymakers coming to Wales and the UK, adding that with people spending more money on their “’Great British Getaway’, this in turn presents a huge opportunity for business owners and the tourism industry to capitalise on the rise in domestic tourism.”