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UK consumers will cut back on eating and drinking out before sacrificing on leisure travel, according to February 2017 research conducted by Toluna for HSBC Global Research that examined attitudes about discretionary spending.
Based on a survey of 2,000 consumers ages 18 and older across the UK—nearly two-thirds of whom had annual incomes of less than £30,000 ($40,491)—the “Anatomy of the Consumer” study found leisure travel was respondents’ most popular discretionary spending category, followed by eating out and buying clothing or footwear.
But when it came to cutting back, eating out was the category most likely to be cut, mentioned by 30.2% of respondents, followed by travel (19.2%) and drinking out (15.2%).
Despite currency changes following last year’s Brexit vote that have hurt the value of the pound compared with foreign currencies, the study found the percentage of respondents who would spend their main vacation for the year in Europe—still the most popular choice even with a stronger euro—rose to 34.2%, up from 33.8% who did so last year.
The share who planned to stay in the UK dipped to 23.5% from 26.9% a year ago, so currency concerns seem unlikely to drive up “staycations.” However, the percentage of respondents who said they had “no plan for holiday” at the time of the survey also rose, gaining 1.5 percentage points to 24.5%.
Respondents were clear in their travel preferences:
eMarketer’s most recent forecast of UK digital travel sales predicts spending on leisure and unmanaged business travel booked via the internet will rise 7.2% in 2017 to £26.24 billion ($35.42 billion).
While spending is expected to grow annually through 2020, the rate of that growth is forecast to slow from a high of 9.7% in 2016 to 4.5% four years later.
This is the latest installment in an ongoing series of quarterly video ecosystem overviews focusing on monetization, audience, platforms and content. Our goal is to provide a summary of key developments each quarter on a need-to-know basis.
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