UK SMEs look set to benefit from the “staycation” economic boom as UK as holidaymakers spend more time and money at home, a report from Barclays Business has found.
The report shows that around 70% of UK adults are planning or have taken a staycation, shelling out some 6% more per holiday than a year ago.
Brits spent some £22.1bn on UK holidays, with the average amount spent up from £575 a year ago to £613.
Some four out of ten ( 38%) said they wanted to explore their own country, while 27% appreciated the reduced travel time while 22% said it was cheaper than going abroad.
UK SMEs in the accommodation and food services sectors have enjoyed a 30% increase in turnover since 2012 to £50bn, ensuring its growth is 10% above the SME average.
Such businesses in London saw the biggest uplift in the number of new businesses followed by the South East and the North West, while the South West is the most popular staycation destination this year.
Adam Rowse, head of business banking at Barclays, said: “Brits are opting to spend their leisure time on UK shores and in turn it is boosting the takings of business in the tourism sector.
“With a weaker pound, UK SMEs are also likely to see a rise in overseas holidaymakers coming to the UK.
“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. “There is welcome growth for UK accommodation and food sectors who have adapted around seasonal volatility and come out fighting.”
A fifth (19%) said they were remaining in the UK due to security concerns and terror attacks abroad.