This Uk Outbound Travel Sector Analysis And Forecast market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Uk Outbound Travel Sector Analysis And Forecast market.
Despite the slowdown in economic growth, European outbound travel has grown by 3%. Globally, United Kingdom is one of the top five spenders on outbound tourism. Outbound travel is increasing steadily in the United Kingdom along with domestic and inbound tourism. According to the Office for National Statistics of UK, residents of the United Kingdom made 70.4 million outbound trips in 2016, which is a 7% increase compared to 2015. Trips taken as holiday remained the main purpose of the trip for UK outbound tourists in 2016 followed by visiting friends and relatives and business trips. According to the World Travel and Tourism Council, the outbound tourism expenditure of UK travellers crossed US$ 70 billion and is projected to reach US$ 102 billion by the end of 2024. The outbound travel sector in the United Kingdom provides employment on par with other well-known and recognised industries, such as food and electrical equipment manufacturing and machinery and equipment industries.
UK Outbound Travel: Market Dynamics and Restraints
Relatively high disposable income per capita is expected to drive the United Kingdom’s outbound tourism sector. Baby Boomers, with more free time and money for travel, are the most important segment of the UK outbound travel sector. The baby boomer generation has topped the market share of the UK outbound travel sector mainly attributed to the recent changes in pension annuities. According to the International Passenger Survey, the residents of UK prefer July and August for travel abroad mainly due to the long school holidays. Other popular months are April, May, June, October and November. January to March is a popular time for single-week ski trips and winter sun breaks to cheap destinations, usually as an extra holiday. Along with the international airports, the United Kingdom has a large number of regional airports offering international services to important destinations which include Manchester, Nottingham, East Midlands, Liverpool and Leeds.
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COVID -19 : Impact Analysis
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Request Covid -19 ImpactMedical tourism across the globe also faced difficulties in the last couple of years. Outbound medical tourism from Britain has recovered slowly after the recession. Factors include poor National Health Service delivery, problems with National Health Service dentistry, and objections and delays relating to National Health Service. Reforms have helped boost the outbound tourism sector in the UK. The residents of the UK seek cheap medical treatment abroad and look for countries such as Poland and Bulgaria for medical help.
However, factors such as the increase in the price of travelling from the UK due to higher fuel costs and slowness of the economic climate can adversely impact the UK outbound tourism sector. In addition, the threat of terrorism is another factor which is impacting the UK outbound tourism sector as travellers are more cautious about the safety level of the destination country. Furthermore, a recent depreciation of the Euro against the US Dollar has made it more expensive for UK residents who travel abroad. However, some countries outside the common currency limitations experienced positive performance, especially medium-haul destinations around the Mediterranean coast.
UK Outbound Travel: Regional Analysis
Europe is most popular region for UK tourists with over 75% of total outbound trips. Spain, France, Italy and Germany are the most visited destinations by UK residents and the United States was the most visited non-European destination with around 6% of total visits. China, India, Iceland and Cuba areother popular destinations for UK travellers among other non-European destinations. Factors such as cultural and artistic heritage, high reputation related to the charming culture and lifestyle, great climate, excellent and frequent flight connections have influenced UK tourists to travel to Italy. In addition to the trips within Europe, long haul travel is also increasingly becoming popular among UK travellers. The Middle East was the least visited region for UK holidaymakers and India is one of the top destinations for UK travellers in the Asia Pacific region.
This comprehensive report equips readers with lucid information and analysis on the sector. Future Market Insights’ experienced travel and tourism analysts bring to you accurate and unbiased information to help you make crucial decisions with confidence.
The report offers a 360° view – bringing to the fore key drivers, restraints, opportunities, and challenges prevailing in the sector. To offer readers actionable insights, detailed information on historical trends, current scenario, and future projections is provided in the report.
The report specifically focusses on the leading companies operating in this sector, highlighting their key developmental strategies. A holistic analysis of the leading players is highlighted to help decision makers understand the overall competitive landscape.
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- An overview of the sector, including the key factors that have shaped patterns and demand
- Not just data, but insights that you can incorporate in your strategic decision making
- Nuanced underlying factors that influence consumer behaviour
- Data points to understand the past, analyse the present, and project the future
- Trends that will impact the sector in the short- and long-term
- Deeper understanding of the target audience, their motivations, aspirations, and expectations from service providers
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UK Outbound Travel:Segmentation
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint.
Frequently Asked Questions
What research methodology is used to develop the Uk Outbound Travel Sector Analysis And Forecast report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Uk Outbound Travel Sector Analysis And Forecast. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
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In addition to up-to-date market figures and customized of the Uk Outbound Travel Sector Analysis And Forecast, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.