UK spend on global travel is predicted to reach £63.4 billion in 2025, up 58% on 2015. On average, each UK household is set to spend £9,300 annually by 2025, up from £6,500 in 2015.
The study, conducted by Visa with Oxford Economics, looked at current travel patterns of Visa-branded cardholders across the globe combined with industry estimates and forecasts for travel. According to the study, the UK will rank as the second highest spenders on foreign travel in Europe by 2025, just slightly behind Germany, and 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% annually 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 per 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 ageing global population with more time for leisure travel.