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£63.4 billion set to be spent on travel by the UK in 202

TravelThe UK will spend £63.4 billion on travel in 2025, with each household set to spend £9,300 annually, according to new predictions from Visa.

The study, conducted with Oxford Economics, looked at the travel patterns of Visa-branded cardholders across the globe, as well as combining industry estimates and forecasts for travel.

According to the study, by the year 2025 the UK will be ranked second when it comes to spending on foreign travel in Europe, just short of Germany, and coming in fourth globally behind the United States of America and China, who are set to spend £87.7 billion and £167.1 billion respectively.

The growth of the sector in the UK is expected to be driven by older travellers over the next ten years, with the number of outbound trips by over 65 years olds set to grow at 6.5% annually between 2015 and 2025.

Growth is also expected for younger travellers as well, but not to the same degree, with 35-64 year olds seeing a 3.8% increase and under 34 year olds rising by 1.3%.

The study also highlights how cross-border travel around the globe will increase massively to £979.9 billion in 2025, with 282 million households estimated to plan at least one international trip a year.

An aging population globally is one of the determining factors for the dramatic increase according to the study, which also highlights how improved infrastructure and transportation, as well as greater connectivity to the internet, will have an affect.

According to Kevin Jenkins, Managing Director UK & Ireland for Visa Europe, over the course of the next decade people will be spending more of their household income on travelling internationally, largely due to the British population’s love of travelling.

If you’re thinking of travelling abroad this year, be sure to organise your worldwide travel insurance in advance

£63.4 billion set to be spent on travel by the UK in 2025

The UK will spend £63.4 billion on travel in 2025, with each household set to spend £9,300 annually, according to new predictions from Visa.

The study, conducted with Oxford Economics, looked at the travel patterns of Visa-branded cardholders across the globe, as well as combining industry estimates and forecasts for travel.

According to the study, by the year 2025 the UK will be ranked second when it comes to spending on foreign travel in Europe, just short of Germany, and coming in fourth globally behind the United States of America and China, who are set to spend £87.7 billion and £167.1 billion respectively.

The growth of the sector in the UK is expected to be driven by older travellers over the next ten years, with the number of outbound trips by over 65 years olds set to grow at 6.5% annually between 2015 and 2025.

Growth is also expected for younger travellers as well, but not to the same degree, with 35-64 year olds seeing a 3.8% increase and under 34 year olds rising by 1.3%.

The study also highlights how cross-border travel around the globe will increase massively to £979.9 billion in 2025, with 282 million households estimated to plan at least one international trip a year.

An aging population globally is one of the determining factors for the dramatic increase according to the study, which also highlights how improved infrastructure and transportation, as well as greater connectivity to the internet, will have an affect.

According to Kevin Jenkins, Managing Director UK & Ireland for Visa Europe, over the course of the next decade people will be spending more of their household income on travelling internationally, largely due to the British population’s love of travelling.

If you’re thinking of travelling abroad this year, be sure to organise your worldwide travel insurance in advance

Date Created: 27 June 2016

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