UK spending on global travel is predicted to reach US$95 billion in 2025; this is an increase of 58 percent in comparison to 2015 figures, according to a study by Oxford Economics.
The research states that the UK will now become the second highest spender on foreign travel by 2025, they will fall slightly behind Germany and come in fourth on a global scale.
#NewStudy projects that international #travel by households globally will increase dramatically. See more at: https://t.co/SF2jVGeqnl
— YapStone (@YapStone) 16 June 2016
Older travelers are expected to be the driving force behind this spending increase, with the number of international trips made by those over the age of 65 set to grow at 6.5 percent a year between 2015 and 2025. This is compared to 35 to 64-year-olds, where spending will increase by only 3.8 percent.
Visa Europe managing director for the UK and Ireland, Kevin Jenkins, said that the news of an increase in international trips was not a surprise and that this only goes to prove the love that people in the UK have for traveling:
"Britons' love of traveling 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," Jenkins said.
For the rest of the world, a similar trend can be seen with spending on global travel, increasing by over US$900 billion in 2025.
#IATA has released demand growth results for global air freight markets for April 2016 showing a 3.2 per cent increase in demand. #travel
— Ali D (@AliMohammedDewj) 2 June 2016
In addition to this around 282 million households worldwide will plan at least one international trip by 2025; this is an increase of 35 percent from 2015, according to the study.
However it is the Chinese who will be enjoying long haul flights the most, by 2025, it is predicted that they will have the highest level of household spending on international travel, reaching US$239 billion.
