The UK hospitality industry is booming as the nation gears up for the final bank holiday of the year, new research has found.
Small businesses catering for holidaymakers saw turnover jump 8.3 per cent in the first half of 2017 compared to the same period last year, according to research by Barclays.
Three-quarters of people have been on, or are planning, a UK staycation this year, up from 70 per cent in 2016.
The most popular spot for Brits holidaying in their home country is the South West of England, which is attracting a third of staycationers.
Despite the increased appetite for a UK staycation, holiday budgets are feeling the pinch; the average spend per trip in 2017 is £530 – 14 per cent down on 2016 when holidaymakers were reported to be spending £613.
The weak pound has helped to boost UK businesses in accommodation and food services by making the UK a more attractive holiday destination for many overseas tourists this year.
Recent official figures showed 3.5 million overseas residents chose to holiday in the UK in June 2017 – up 7 per cent from the same period in 2016. Tourists also spent more, splashing a total of £2.2bn – a 2 per cent rise on the same period last year.
Ian Rand, chief executive of Barclays Business Banking, said: “While it’s good news for the UK economy that more Brits are opting to spend their holidays in the UK, our poll shows purse strings are being tightened and domestic spend is down.”