Spending on international travel increases but accommodation hits a slump, new research finds
Ferratum Group’s Latest Summer Barometer Reveals How UK Consumers Will Be Spending Their Cash This Summer
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UK consumers look set to spend more on international travel this year than in 2017, the latest findings from Ferratum’s Summer Barometer have found.
According to the international study, 35% of UK consumers are planning to spend on international travel this summer, which is a 5% increase from last year’s Barometer. This latest figure marks a significant jump compared to the 2016 Summer Barometer following the EU referendum, when just 10% were planning to spend on overseas travel.
However, while spending for international travel is set to rise, the outlook for accommodation providers is not as positive. Consumers’ desire to spend over €100 per night for a hotel dropped dramatically in this year’s survey, from 44% in 2017 to just 19% this year. The number of consumers who would opt for an Airbnb was very similar (18.7%) – an increase of just 0.7% from last year. As such, it is clear that UK consumers are still eager to limit spending where possible, even if their desire to travel abroad has increased.
Ferratum’s Summer Barometer also revealed that the UK leads the way in terms of online purchases, with 41% of UK consumers planning on spending on this activity. Clothing and fashion products are set to be the UK’s main area of spending this summer (12.9%), with social activities (11.7%) and travel (11%) following closely behind. Paying for family and children’s activities also made their way to the top of the list, with these areas accounting for 9.8% and 9.1% of consumers’ spending, respectively.
Tony Gundersen, Ferratum Money UK Country Manager, says: “The renewed interest in international travel is a result of numerous factors – with many consumers feeling more positive about their finances following an increase in the National Living Wage, along with changing perceptions towards the UK’s future relationship with the EU. However, this has not stopped the British public from seeking out a good deal online. UK spenders are keen to shop around for a range of services, ranging from flights and accommodation to summer clothes for the family.”
Almost 22,000 households were surveyed for Ferratum’s 2018 Summer Barometer. Respondents were aged from 18 to over 61 years old. In addition to demographic factors, respondents were asked about their disposable monthly net income, how much they spend on their summer holidays, what other activities they spend their money on, and if they are going to use Airbnb services or online banking while travelling abroad. The survey used each country’s respective currency. Responses were adjusted to reflect the respective purchasing power of each country. All survey respondents were anonymous.
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About Ferratum Group:
Ferratum Group is listed on the Prime Standard of Frankfurt Stock Exchange under symbol 'FRU.' For more information, visit www.ferratumgroup.com.
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