Each UK household is set to spend £9,300 a year on international travel by 2025, up from £6,500 last year, a new study reveals.
UK spend on global travel is predicted to reach £63.4 billion in 2025, up 58% on 2015 levels, according to research commissioned by Visa.
The study, conducted with Oxford Economics, predicts that the UK will rank as the second highest spenders on foreign travel in Europe by 2025, behind Germany, and the fourth globally.
Spend by older travellers is forecast to drive overall growth in the UK over the next decade. The number of outbound trips taken by over 65 year olds is set to grow at 6.5% a year between 2015 and 2025, compared with 3.8% for 35-64 year olds, and 1.3% for under 34 year olds.
Globally, estimated cross-border travel around the globe will rise 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.
By 2025, China is predicted to have the highest level of household spending in 2025, reaching £167.1 billion.
The study identified key drivers expected to impact global travel over the next decade, including a growing middle class globally, greater internet connectivity and improved transportation infrastructure across many countries, and an aging global population with more time for leisure travel.
Kevin Jenkins, managing director UK & Ireland, Visa Europe, 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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