British holidaymakers are spending almost £13bn a year on staycations according to a new study.
The research, conducted on behalf of short team loan provider Wonga, also revealed that 93 percent of the population go on at least one UK break every year.
With the study finding that the average budget for staycations is £267.93, it adds up to £12.9bn being spent on a holiday in this country annually.
James McMaster, UK head of marketing at Wonga, commented: “Our research shows that staycations are incredibly popular in Britain.
“Nearly a quarter of people are taking UK breaks with five or more friends and by splitting travel costs among a group, people can save money.”
The study also found:
- Men are willing to spend up to 6 per cent more on staycations than women (£276.69 vs. £260.81).
- Women said they are more likely to go over their planned budget, with 79 percent admitting they are prone to overindulging. However, men are nearly twice as likely not to set a budget at all, making it difficult to gauge their overspending.
- Accommodation is by far the biggest cost involved in staycations, averaging around £175.14 per trip.
- Alcohol accounts for 14 percent of the average male staycation budget, but only seven percent for female holidaymakers.
- Beer is the drink of choice for males, while females were found to favour prosecco.
- Millennials are the most organised staycation bookers, with more than one in ten booking over a year before they travel (11 percent).
- Over 55s were the most spontaneous, being the demographic most likely to book a last minute trip.