With Brits being more limited in their travel and holiday options, the cost of staycations has significantly increased since summer 2020. According to research by Which?, a seven-night stay in Eastbourne jumped by 70% to £696 in comparison to the price in summer 2020.
Other locations also saw price increases from summer 2020 including seven nights in St Ives which rose by 70% and costing £1,263 and a holiday of the same length in Bournemouth surging by 33% to £958.
Although the price of staycations has risen, this does not necessarily correlate with how much Brits are willing to spend on domestic holidays.
How much are Brits willing to spend on staycations?
New research from KC Communications has revealed interesting trends about how much Brits are willing to pay for a week’s holiday in the UK for two adults. The majority (28%) would only pay between £251 and £499, a quarter of respondents would pay between £500 and £749. These budgets in comparison to the increased cost of staycations would not meet the prices of a seven nights stay in St Ives (£1,263), Bournemouth (£958) or Swanage (£840).
The research also shows that 5% of Brits say they wouldn’t pay anything over £250 for a week-long UK holiday but 5% of respondents would be willing to pay over £1,500 for a staycation.
What type of accommodation are Brits booking for a staycation?
The new study also showed the most popular accommodation types that UK holidaymakers would consider. The most popular accommodation type were cottages at 95%, with lodges the second most popular choice at 81% and hotels the third choice at 79%. Respondents were also keen on chalet and country home accommodation types with 62% considering this, 60% wanting a BB, 55% contemplating a caravan and 26% thinking about campervans and 22% considering camping.
This insight can help property investors make informed decisions about how they can benefit from the staycation surge, with those who have cottage and lodge properties in a very fortunate position in particular.
Frankie Lyons, senior digital PR Manager at KC Communications, comments: “We’re seeing a huge rise in staycations across the country due to ongoing travel restrictions. With the government’s latest approved travel list missing many of the usual hotspots across Europe, we wanted to take an in-depth look at the staycation market.”
“Many of the larger travel companies have been seen to dramatically increase their costs for this summer, so we delved into whether or not UK holidaymakers are actually willing to pay these inflated prices. It’s really interesting to see that although many Brits are desperate to take a holiday this year, they aren’t willing to pay these increased costs for a holiday on home soil. These inflated costs now mean that Brits are looking at new and alternative accommodation types as a means of securing a holiday this summer including a caravan, a lodge or even a campervan.”
Where are Brits looking to book a staycation holiday?
According to travel company Holidaycottages.co.uk, Brits are looking to escape to the countryside for their staycation destinations, with Cornwall being the location of choice with 48% of holidaymakers wanting to visit. Other popular choices for staycation seekers include the Scottish Highlands (43%), Devon (43%), Cumbria/Lake District (41%) and Yorkshire Dales (35%).
Edinburgh is the only city in the study’s top 10, with it being a choice for 34% of holidaymakers. Peak District and Snowdonia were both the choice of 32% of respondents and the Cotswolds came in at 31% and Dorset finalising the list at 30%.
When looking at this data, it appears that the Southwest is the most desired region for staycations and could create lucrative investment opportunities for investors who would like to profit from the UK holiday market.