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UK 'set to raise travel spending'

27 June 2016 08:58

Travel spending is expected to rise

Travel spending is expected to rise

How much do you spend on travel a year? The figure could reach £9,300 by 2025, if new forecasts are anything to go by.

Research from Visa suggests that Britons will typically spend that amount each year by the middle of the next decade, compared to £6,500 in 2015.

And the card company said a combined sum of £63.4 billion could be spent by 2025, which would be a rise of 58% on 2015 levels.

By the year 2025, Britain is on track to be Europe's second biggest travel spender, with only Germany ahead of it. And the country may also become the fourth largest spender in the world.

Travel insurance benefits

Wherever people hope to travel, and however much they intend to spend, travel insurance can offer peace of mind on their trips.

Whether covering medical costs or stolen possessions, it can help tourists out of tricky financial situations.

Expert view

In terms of the new study, Visa Europe managing director for the UK and Ireland, Kevin Jenkins, said the British love of travel remains strong.

He added: " In the next decade we'll see an expanding travelling class that will spend a growing portion of their household income on international travel."

Global trends

In global terms, the study has now estimated that cross-border travel spending will increase dramatically to £979.9 billion by the year 2025.

It is predicted that r oughly 282 million households will plan at least one international trip a year by 2025, which is a rise of nearly 35% from 2015.

China is on course to have the highest level of household spending on international travel by 2025, at a projected £167.1 billion.