Holidaymakers Splash more Cash on Travel
24 Feb 2014
- International travel on the rise in 2014
- Nearly half of Brits will splash more cash travelling compared to last year
- Spain and France predicted to top the list of 2014's most-popular destinations for Brits
Holidaymakers across the world are intending to travel more during 2014, according to a global study of international travellers by leading foreign exchange provider, Travelex.
The extensive study reveals that 48% of global travellers will make more trips overseas this year than last - and nearly half (47%) will be spending more money abroad than in 2013.
It has informed Travelex 's first ever Global Travel Index - an annual measure of world travel intentions. By starting the Global Travel Index at a base point of 100 for 2013, Travelex was able to forecast the 2014 Index score as 127.6 - indicating positive travel market growth for the year ahead.
The research also shows that global travellers are expecting to stay for longer when they head abroad, with 48% predicting an increase in the number of nights spent away from home.
"The appetite for travel has come back with a vengeance after five lean economic years in a row; partly, people are feeling more confident about the economy, and therefore are prepared to commit to the financial and emotional investment involved in any journey," says travel journalist Simon Calder. "And, increasingly there is a recognition among travellers that the increasingly fraught business of getting to a destination needs to be offset by a thoroughly good time when you get there - which generally means, allowing longer for each break."
Travellers from India, Brazil and China were found to be most likely to head abroad in 2014, perhaps due to governments worldwide recognising the importance of these newly-empowered travellers, and removing visa hurdles to try to ensure they get their business. Low cost airlines in these countries, such as Gol in Brazil and Air Asia, are also expanding horizons for these travellers.
The study also looked specifically at British travellers and their intention to head abroad in 2014.
Nearly a quarter (22%) of all Brits will make more trips abroad this year, an average of 1.4 journeys per person, versus 1.3 in 2013, with the most popular destination cited as Spain.
The top five destinations for Brits are:
Travelex's Global Travel Index reveals that almost a third (30%) of Brits expect to have more money in 2014, perhaps explaining why we are planning longer trips to these holiday destinations. A quarter of people will take longer holidays, averaging 15 days away compared to 13 days in 2013.
A third (32%) of travellers intend to spend more money this year whilst they're away on holiday, whereas almost half (40%) expect to spend the same as last year. Individuals are planning to splash £73 more, with the average spend up from £1,150 in 2013 to £1,223.
This increase in spending could also be explained by the fact that over a quarter (26%) of Brits are planning on holidaying in a more expensive country, with 25% staying in a more lavish hotel.
Anthony Wagerman from Travelex comments: "The results from our first ever Global Travel Index have shown a very promising outlook for the travel industry, both globally and in Britain. With people expecting to spend more on their holiday, go to destinations further away, and stay there for longer, it seems that the holiday is once again a priority for British travellers."
Simon Calder explains the trend: "British travellers are feeling more confident about 2014 than they have for the last five years. There seems to be a collective sense that the nation has turned a corner. During the recession, the travel industry has become even more adept at delivering great experiences on a budget - because it has had to. As a result, Britain is the best place to start an overseas trip, more or less wherever you are going. We enjoy the best value of any country in the world."
Travelex is the world's largest foreign exchange specialist with almost 1,400 stores and 1,200 ATMs across 26 countries, at key airport, seaport, rail and tourist locations. Over 40% of travellers - 1.7 billion passengers a year - pass through airports where Travelex operates including the major gateways at Amsterdam, Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, Paris, Sydney & Tokyo. Every hour, Travelex provides foreign currency to more than 2,000 customers.