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UK spending on global travel 'set to soar'

UK households are set to spend an average £9,300 a year on international travel by 2025, up from £6,500 last year, figures suggest.

UK spending on global travel is predicted to reach £63.4 billion in 2025, up 58% on 2015 levels, according to a report commissioned by Visa.

The study, conducted with Oxford Economics, predicts that the UK will become the second highest spender on foreign travel in Europe by 2025, slightly behind Germany, and the fourth globally.

Spending by older travellers is expected to drive overall growth in the UK over the next decade, with the number of outbound trips taken by over-65s set to grow at 6.5% a year between 2015 and 2025, compared with 3.8% for 35 to 64-year-olds and 1.3% for under-34s.

Globally, it is estimated that cross-border travel spending will increase dramatically to £979.9 billion in 2025.

Roughly 282 million households will plan at least one international trip a year by 2025, up nearly 35% from 2015, the study said.

By 2025, China is predicted to have the highest level of household spending on international travel in 2025, reaching £167.1 billion.

The study said a growing middle class globally, greater internet connectivity and improved transportation infrastructure across many countries, as well as an ageing global population with more time for leisure travel, were key drivers behind the increases.

Visa Europe managing director for the UK and Ireland, Kevin Jenkins, said: "Britons' love of travelling shows no signs of abating.

"In the next decade we'll see an expanding travelling class that will spend a growing portion of their household income on international travel."

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