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Press Release: UK Tour Operators Market Development Report

Released: March 2011

After researching the UK tour operators market development and taking into account various other factors the following conclusions can be drawn from MBD's report:

Market Review 2006-2010:

Total expenditure on holidays abroad by UK residents declined by an estimated 5% to £20.7 billion in 2010, consolidating the stronger 14% decline evident in the previous year. This reflects the recent economic downturn, increased job insecurities and lower levels of disposable income. Prior to this expenditure increased year-on-year between 2006 and 2008, peaking at £25.4 million in the latter year. This was partially attributable to increased demand for holidays to more long-haul destinations and the trend of taking more than one holiday per year, which boosted the market. Nonetheless, a cumulative decline of 21% was recorded overall during the review period.

Market Forecast 2011-2015:

Spending on holidays abroad by UK residents is estimated to decline by a moderate 1% to £20.5 billion in 2011, reflecting continued economic uncertainties and unfavourable exchange rate conditions, in particular against the Euro. However the projected decline for 2011 is anticipated to be more moderate than in 2010, as there economy is in recovery stages and should encourage consumer spending during the year. Following this, expenditure on holidays abroad is expected to increase in each year between 2012 and 2015, reaching a projected peak of £23.2 billion in the latter year. Overall spending is forecast to increase by a cumulative 12% in real terms between 2010 and 2015. Although consumers are expected to continue to be concerned about cost, most would rather forgo day-to-day luxuries such as new clothes and meals out than a holiday. This supports the trend for holidays becoming a necessity rather than a luxury. This is expected to ensure that demand for holidays abroad will continue to grow in the medium- to long-term future.

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