uk tourism gdp

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uk tourism gdp

UK TOURISM Statistics 2023

  • / UK Tourism Statistics

Explore UK Tourism Trends & Statistics on Inbound Tourism, Spend, Employment, Popular Tourist Destinations & more!

It was predicted that by 2025 the UK tourism industry would be worth over £257 billion, however, the 2020 COVID-19 pandemic had other ideas, putting worldwide travel to a stop.  In 2020 there was a decline of 73% in visitors to the UK and 78% in tourist spending.

UK tourism is not back to pre-pandemic levels just yet, however, the total contribution of travel and tourism to the UK’s GDP increased by 40% from 2020 to 2023 and it's been forecast the number of visitors to the UK will increase to 35.1 million in 2023.

Read on for more UK tourism statistics & latest industry data.

uk tourism gdp

TOP TOURISM  STATISTICS UK:

In 2020 the UK received 11.1 million inbound visitors , who spent £6.2 billion , a decline of 73% in visits and 78% in spending.

This represented a loss to the UK economy of £22.2 billion.

Monthly air passenger arrivals to the UK fell by 98.3% from 6,804,900 in February 2020 to 112,300 in April 2020.

It's forecast that the number of visitors to the UK could reach  35.1 million in 2023.

The total contribution of travel and tourism to the UK’s GDP increased by 40% from 2020 to 2023. 

The average Briton took 3.6 holidays in 2022.

UK tourism is predicted to account for 8.93% in 2028 .

The country most visited by UK residents is Spain .

Tourists spent around £14.2 billion in London in 2022.

There were 15.6 million international visitors in London in 2022.

How did the COVID-19 pandemic impact UK tourism?

How many tourists visit the uk each year, how does tourism contribute to the uk economy, what are the most popular tourist destinations in the uk, what are the most popular tourist attractions in the uk, how many jobs does tourism create in the uk, why do tourists visit the uk, the impact of covid-19 on the uk tourism market.

In 2020 the UK received 11.1 million inbound visitors, who spent £6.2 billion , a decline of 73% in visits and 78% in spending.

Domestic and international air passenger traffic fell to less than 2% of its February 2020 levels in April 2020.

London saw the largest fall in room occupancy, with just 20% of rooms occupied in July 2020 compared with 90% in the same month in 2019.

Accommodation and travel agency businesses saw the sharpest decline in turnover during the first national lockdown, falling to 9.3% of their February levels in May 2020.

Employment in accommodation fell by 21.5% compared with the same three months of 2019.

Domestic tourist spending dropped to £34 billion in 2020 from £92 billion in 2019.

Visit Britain is forecasting 35.1 million visits in 2023  and £29.5 billion spent (104% of the 2019 level and 14% higher than in 2022).

While international tourist visits haven’t bounced back to pre-pandemic levels, Visit Britain estimates they could come to 86% of the pre-pandemic level in 2023. 

In 2022, there were about 30 million international visits to the UK.

In 2022, UK tourism’s GDP contribution was £214 billion.

Tourism’s GDP contribution should grow by 3% annually between 2022 and 2032.

UK tourists spent around £45 billion abroad in the first three quarters of 2022.

COVID-19 impacted the UK tourism market when travel came to a halt around the world. Monthly air passenger arrivals to the UK fell by 98.3% and ultimately the losses represented a loss to the UK economy of £22.2 billion.

Inbound international tourism to the UK was the first industry to be affected by Covid-19 and will be the last to recover, although the UK isn't at pre-pandemic levels just yet, travel & tourism to the UK's GDP increased by 40% from 2020 to 2023 and the number of inbound visitors to the UK could reach 35.1 million in 2023. 

Where people have missed out on travel due to lockdowns, other factors are impacting whether people can afford travel. I ncreasing costs of overseas tourism stop 19% of Britons from enjoying a trip abroad, and personal finances and around  36% of consumers say they won’t be taking a holiday this summer – 14% say due to the level of their essential costs.

Sources: Money Transfers , KPMG , Parliament , ONS , Statista  

UK INBOUND TOURISM STATISTICS

The United Kingdom  ranked seventh in the UNWTO international arrivals league and accounted for 2.8% of global arrivals in 2017.

2017 had the highest number of visitors in one year (39.2 million) . This is almost two-thirds of the population of the UK.

The United Kingdom  ranked fifth place in the UNWTO international tourism earnings league in 2017.

There were 37.9 million visits to the UK in 2018.

Travellers from the US contribute most to the travel industry in the United Kingdom. 3.9 million American tourists visited  in  2018 and spent a collective £3.4 billion.

The USA, France, and Germany were the top markets in terms of the number of visits to the UK, accounting for 29% of visits in 2018.  These markets also accounted for 27% of all overseas visitor spend.

Visits to the UK for holidays reached a new record in June 2019 with 1.6 million inbound holiday visits (up 18%).

4 million people visited the UK in July 2019.

54% of all inbound visitor spend is accounted for by London . The rest of England accounts for 33%, Scotland 10% and Wales 2%.

Repeat holidaymakers  stay longer on their visits than first-time visitors. They also spend more on average per night.

Inbound tourism statistics show 2017 was a record-breaking year, there was a 9% increase in spend and a 4% increase in visits from the previous year. A whopping 39.2 million people visited the UK in 2017, this is almost 66% of the UK population. The increase in tourism in 2017 drove sales for luxury British brands, boosting Bond Street into the top three of the world’s most expensive store locations.

Tourism statistics prove that this industry is one of the UK’s most valuable sectors with 37.9 million people visiting in 2018. Over half of the visitor spend is spent within London which is not surprising as London is the third most visited city in the world after Bangkok and Paris. London will always be one of the most popular cities in the world because it has something for everyone when they go on holiday , whether it is the vibrant culture, the west end theatre or classic British food.

Sources : TheGuardian , UKInbound, VisitBritain , VisitBritain, Finder , ONS , Forbes

LONDON TOURISM STATISTICS

How many tourists visit london each year.

London attracts around 30 million visitors from around the world every year. The number of tourists visiting London has increased from 11 million in 2002 to more than 19 million in 2016.

According to the National Office for Statistics tourists spent more than 111 million nights and close to £11.9 billion . See the chart below to see who’s visiting London (Source: Statista ).

London Tourism Statistics

UK TRAVEL STATISTICS: SPENDING

£2.9 billion was spent on visits by overseas residents in July 2019.

In 2018, £7.3 billion was spent by overseas residents. This has decreased by 3% from the previous year.

For every £1000 generated by direct tourism, a further £1800 is supported elsewhere in the economy.

Inbound visitors will continue to be the fastest-growing tourism sector with spend by international travellers forecast to grow by over 6% a year in comparison with domestic spending at just over 3%.

37.9 million people visited from overseas in 2018 and spent £22.9 billion.

The UK accounted for 3.7% of international tourism receipts in 2017.

£604 is the average spend per visit in 2018.

There was a growth in spending across Wales (2%), North East (5%) , Yorkshire (2%) and East Midlands (22%).

$31.93 billion was spent by tourists in 2017.

Domestic tourism in the UK  remains the biggest component of tourist spending, with 2008 expenditures totaling £21.9 billion, according to VisitBritain.

3.8% of global tourism receipts are accounted for by the UK.

Tourism in the UK contributes immensely to the economy, there was a total expenditure of £22.9 billion in 2018 and had 37.9 million tourists. The average spend per visit is £604 with an average length stay of 7 nights. Although the UK is a small country, it still accounts for 3.8% of global tourism receipts and is the fifth top tourism earner in 2018. 

How much does tourism contribute to the UK GDP? Tourism contributes £145.9bn (7.2%) of the GDP, England’s tourism sector is vibrant and vital.

Students also help contribute large amounts to the economy, 500,000 students visit to learn English each year. These English foreign language students also spend £2399 per visit, this is four times more than the average spend. 88% of these students intend to come back to the UK for another holiday. Students generate £1.2 billion in export earnings for the United Kingdom every year.

Sources : ONS , VisitBritain , VisitBritain, Wikipedia, UKinbound , 

UK TOURIST ARRIVALS STATISTICS

6.9 million European residents visited in 2018, this has decreased by 3% from the previous year.

Between April and June 2019 there was an 18% (1.6 million visits) increase from the previous year in visits from North American residents.

Visits by European residents decreased by 5% (6.8 million visits) and visits from other countries decreased by 5%.

Certain markets are more likely to make repeat visits to the UK: 92% of holiday visits from the Irish Republic, 92% from Norway, 83% from Iceland and 80% from Belgium were repeat visits in 2015. Repeat visits are most likely taken by those who have been on holiday here before, as 50% of repeat visits are for holidays. This is followed by 21% who are visiting friends and relatives, 20% business trips, 8% study and 1% other.

Out of the top 10 visiting countries whose residents visited the most frequently in 2018, eight of these countries were EU countries (France, Germany, Irish Republic, Spain, Netherlands, Poland, Italy and Belgium). The only other non-EU countries in the top ten were Australia and the USA. This list has remained almost the same over recent years.

Sources : ONS , VisitBritain

TOURISM STATISTICS UK: BEHAVIOUR AND REASONING

In 2018 tourists visited the UK for the following reasons:

37.9 million tourists visited the UK in 2018.

15.1 million of those visited for a holiday.

11.8 million or 31.4% visited the UK to see friends or relatives.

8.4 million visited for business trips.

2.6 million trips were for other reasons.

During April-June 2019, 4.3 million visited for a holiday,

2.1 million for business and 2.8 million came to visit family and friends. This is just under 10% of UK GDP.

77% of inbound visits were repeat visits.

92% of business visits were repeat visits in 2015, 85% was to visit family and friends and 63% were holiday visits.

Those visiting for holidays reached a new record in June 2019 with 1.6 million inbound holiday visits (up 18%).

Business visits increased to 24% in June 2019 (800,000).

Why do people visit the UK? Business visits accounted for 22% of all visits in 2018 and contributed to a spend of around £4.5 billion. According to Visit Britain, 3.3 million business visits were made to attend small/ medium-sized meetings whist 1.5 million visits were made to attend larger meetings such as conferences, conventions and trade shows. 

Visits by overseas residents decreased in 2018 in comparison to 2017. However, holidays are still the most common reason why people visit the UK. There were 15.1 billion holidays to the United Kingdom in 2018 accounting for 40% of the total. The USA is the top visiting country followed by France, Germany, the Irish Republic and Spain. 

Sources : ONS, VisitBritain, UKInbound

UK TRAVEL INDUSTRY STATISTICS: POPULAR DESTINATIONS

Top Towns and Cities

London Edinburgh Manchester Birmingham Glasgow Liverpool Bristol Cambridge Oxford Brighton

Visits (000s)

19,090 2,363 1,408 1,100 837 803 598 547 526 459

The most popular tourist destination in the UK is unsurprisingly London as it is the capital. The capital attracts 8 times more travelers than the second most visited city in the UK. People love visiting this city because it is full of culture. The best museums and galleries in the world are located there, most of which are free. It also provides many options to see the most beautiful panoramic views such as the London Eye and a variety of rooftop bars.

Edinburgh is the second most visited city, known for its low crime rate and rich heritage it is understandable that Edinburgh is so popular. In England, Manchester is the second top city after London. Manchester has amazing cuisine; an assortment of museums and incredible nightlife and its number of overseas tourists is rising by 10% a year.

Sources: VisitBritain, Finder , UKinbound

UK TRAVEL FACTS & STATISTICS: TOP TOURIST ATTRACTIONS

The top three activities in which international tourists participated in during their visit included dining in restaurants, shopping and going to the pub.

10% of all visits  included a visit to the beach. This rises to 33% for those visiting Wales.

Walking in the countryside was the most popular outdoor leisure pursuit. This was particularly high in the South West and Scotland (41%).

9% of visits  include a trip to the theatre , this rises to 15% in London.

Sightseeing is the most common activity, with 16% of those only in the UK for a day doing some form of sightseeing.

International travellers described a possible trip to the UK as education over anything else.

The Tate Modern is the most popular attraction in the capital, with 5.9 million visitors in 2018. This is followed by the British Museum (5.8 million) and the National Gallery (5.7 million).

47% of people stated that they associate the United Kingdom with Museums, it is also the most popular attraction in London.

Wildlife attractions had a 4% participation rate, increasing to 6% amongst those visiting the South West, London and Scotland.

The South West literary offer was the second highest after London, with 6% including a literary/music/TV or film location visit during their stay.

The most popular tourist activity and attraction is sightseeing. Even if tourists are only visiting for one day, 16% of people manage to do some form of sightseeing. Walking is also another extremely popular tourist activity. London tourism statistics show The Tate Modern is the number one tourist attraction in the city, with 5.9 million visitors in 2018.

Activities specifically focused around ‘city life’ such as dining, socializing and shopping are the most popular things to do for overseas visitors. History and heritage also draw in a lot of tourists, alongside ‘Britain only’ activities such as iconic landmarks and famous attractions. Whereas, in the more rural parts of the UK, visiting the countryside, beaches, as well as national parks, are very popular amongst tourists. Tourists over the age of 65 are more likely to do unusual activities such as playing golf or researching ancestry.

Sources : VisitBritain , Finder

TOURISM EMPLOYMENT STATISTICS UK

Since 2010, tourism has been the fastest-growing sector for UK employment. By 2025, the tourism industry UK is set to be worth over £257 billion.

The tourism sector is set to grow at an annual rate of 3.8% through to 2025. This is significantly faster than the overall economy. It is also supporting 3.8 million jobs.

English foreign language students generate £1.2 billion in export earnings each year. This creates 20,000 jobs.

3.3 million people work in tourism-related businesses, 1.5 million are employed as a redirected result of expenditure.

There are 241,000 businesses in the UK travel industry.

The United Kingdom is the world’s 7th most popular tourist destination, therefore it is not surprising that this sector creates a lot of job opportunities. These UK tourism employment statistics demonstrate the importance of tourism for employment. Since 2010, tourism has been the fastest-growing sector for UK employment, accounting for 11.9% of all jobs and it is thought that by 2025, the industry is set to be worth over £257 billion. Travel and tourism overtook financial services (8.9%) and banking (3.4%) as the fastest growing sector in the UK.

Sources : VisitBritain, Finder , WTTC

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  • Distribution of travel and tourism expenditure in the UK 2019-2022, by type

Distribution of travel and tourism spending in the United Kingdom (UK) in 2019 and 2022, by type

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United Kingdom

2019 and 2022

figures are in constant 2022 prices and exchange rates as of March 2023

Other statistics on the topic Travel and tourism in the United Kingdom (UK)

  • Leading outbound travel destinations from the UK 2019-2022

Travel, Tourism & Hospitality

  • Inbound tourist visits to the UK 2002-2022
  • Leading UK cities for international tourism 2019-2022, by visits

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Statistics on " Travel and tourism in the United Kingdom (UK) "

  • Travel and tourism's total contribution to GDP in the UK 2019-2022
  • Distribution of travel and tourism expenditure in the UK 2019-2022, by tourist type
  • Travel and tourism's total contribution to employment in the UK 2019-2022
  • Median full-time salary in tourism and hospitality industries in the UK 2023
  • CPI inflation rate of travel and tourism services in the UK 2023
  • Inbound tourist visits to the UK 2019-2022, by purpose of trip
  • Leading inbound travel markets in the UK 2019-2022, by number of visits
  • Leading inbound travel markets in the UK 2023, by growth in travel demand on Google
  • Number of overnight stays by inbound tourists in the UK 2004-2022
  • International tourist spending in the UK 2004-2024
  • Leading inbound travel markets for the UK 2019-2022, by spending
  • Number of outbound tourist visits from the UK 2007-2022
  • Outbound tourism visits from the UK 2019-2022, by purpose
  • Leading outbound travel markets in the UK 2023, by growth in travel demand on Google
  • Number of outbound overnight stays by UK residents 2011-2022
  • Outbound tourism expenditure in the UK 2007-2022
  • Domestic overnight trips in Great Britain 2010-2022
  • Domestic tourism trips in Great Britain 2018-2022, by purpose
  • Number of domestic overnight trips in Great Britain 2023, by destination type
  • Number of tourism day visits in Great Britain 2011-2022
  • Total domestic travel expenditure in Great Britain 2019-2022
  • Domestic overnight tourism spending in Great Britain 2010-2022
  • Expenditure on domestic day trips in Great Britain 2011-2022
  • Average spend on domestic summer holidays in the United Kingdom (UK) 2011-2023
  • Number of accommodation businesses in the United Kingdom (UK) 2008-2021
  • Number of accommodation enterprises in the United Kingdom (UK) 2018-2021, by type
  • Turnover of accommodation businesses in the United Kingdom (UK) 2008-2021
  • Turnover of accommodation services in the United Kingdom (UK) 2015-2021, by sector
  • Number of hotel businesses in the United Kingdom (UK) 2008-2021
  • Consumer expenditure on accommodation in the UK 2005-2022
  • Attitudes towards traveling in the UK 2024
  • Travel frequency for private purposes in the UK 2024
  • Travel frequency for business purposes in the UK 2024
  • Share of Britons taking days of holiday 2019-2023, by number of days
  • Share of Britons who did not take any holiday days 2019-2023, by gender
  • Share of Britons who did not take any holiday days 2019-2023, by age
  • Leading regions for summer staycations in the UK 2024
  • Preferred methods to book the next overseas holiday in the UK October 2022, by age
  • Travel & Tourism market revenue in the United Kingdom 2018-2028, by segment
  • Travel & Tourism market revenue growth in the UK 2019-2028, by segment
  • Revenue forecast in selected countries in the Travel & Tourism market in 2024
  • Number of users of package holidays in the UK 2018-2028
  • Number of users of hotels in the UK 2018-2028
  • Number of users of vacation rentals in the UK 2018-2028

Other statistics that may interest you Travel and tourism in the United Kingdom (UK)

  • Basic Statistic Travel and tourism's total contribution to GDP in the UK 2019-2022
  • Basic Statistic Distribution of travel and tourism expenditure in the UK 2019-2022, by type
  • Basic Statistic Distribution of travel and tourism expenditure in the UK 2019-2022, by tourist type
  • Basic Statistic Travel and tourism's total contribution to employment in the UK 2019-2022
  • Premium Statistic Median full-time salary in tourism and hospitality industries in the UK 2023
  • Premium Statistic CPI inflation rate of travel and tourism services in the UK 2023

Inbound tourism

  • Basic Statistic Inbound tourist visits to the UK 2002-2022
  • Premium Statistic Inbound tourist visits to the UK 2019-2022, by purpose of trip
  • Basic Statistic Leading inbound travel markets in the UK 2019-2022, by number of visits
  • Premium Statistic Leading inbound travel markets in the UK 2023, by growth in travel demand on Google
  • Premium Statistic Number of overnight stays by inbound tourists in the UK 2004-2022
  • Premium Statistic International tourist spending in the UK 2004-2024
  • Premium Statistic Leading inbound travel markets for the UK 2019-2022, by spending
  • Premium Statistic Leading UK cities for international tourism 2019-2022, by visits

Outbound tourism

  • Premium Statistic Number of outbound tourist visits from the UK 2007-2022
  • Premium Statistic Outbound tourism visits from the UK 2019-2022, by purpose
  • Premium Statistic Leading outbound travel destinations from the UK 2019-2022
  • Premium Statistic Leading outbound travel markets in the UK 2023, by growth in travel demand on Google
  • Premium Statistic Number of outbound overnight stays by UK residents 2011-2022
  • Premium Statistic Outbound tourism expenditure in the UK 2007-2022

Domestic tourism

  • Premium Statistic Domestic overnight trips in Great Britain 2010-2022
  • Premium Statistic Domestic tourism trips in Great Britain 2018-2022, by purpose
  • Premium Statistic Number of domestic overnight trips in Great Britain 2023, by destination type
  • Premium Statistic Number of tourism day visits in Great Britain 2011-2022
  • Premium Statistic Total domestic travel expenditure in Great Britain 2019-2022
  • Premium Statistic Domestic overnight tourism spending in Great Britain 2010-2022
  • Premium Statistic Expenditure on domestic day trips in Great Britain 2011-2022
  • Premium Statistic Average spend on domestic summer holidays in the United Kingdom (UK) 2011-2023
  • Premium Statistic Number of accommodation businesses in the United Kingdom (UK) 2008-2021
  • Premium Statistic Number of accommodation enterprises in the United Kingdom (UK) 2018-2021, by type
  • Premium Statistic Turnover of accommodation businesses in the United Kingdom (UK) 2008-2021
  • Premium Statistic Turnover of accommodation services in the United Kingdom (UK) 2015-2021, by sector
  • Premium Statistic Number of hotel businesses in the United Kingdom (UK) 2008-2021
  • Basic Statistic Most popular hotel brands in the UK Q3 2023
  • Premium Statistic Consumer expenditure on accommodation in the UK 2005-2022

Travel behavior

  • Premium Statistic Attitudes towards traveling in the UK 2024
  • Premium Statistic Travel frequency for private purposes in the UK 2024
  • Premium Statistic Travel frequency for business purposes in the UK 2024
  • Premium Statistic Share of Britons taking days of holiday 2019-2023, by number of days
  • Premium Statistic Share of Britons who did not take any holiday days 2019-2023, by gender
  • Premium Statistic Share of Britons who did not take any holiday days 2019-2023, by age
  • Premium Statistic Leading regions for summer staycations in the UK 2024
  • Premium Statistic Preferred methods to book the next overseas holiday in the UK October 2022, by age
  • Premium Statistic Travel & Tourism market revenue in the United Kingdom 2018-2028, by segment
  • Premium Statistic Travel & Tourism market revenue growth in the UK 2019-2028, by segment
  • Premium Statistic Revenue forecast in selected countries in the Travel & Tourism market in 2024
  • Premium Statistic Number of users of package holidays in the UK 2018-2028
  • Premium Statistic Number of users of hotels in the UK 2018-2028
  • Premium Statistic Number of users of vacation rentals in the UK 2018-2028

Further related statistics

  • Basic Statistic Distribution of travel and tourism expenditure in Italy 2019-2022, by type
  • Basic Statistic Travel and tourism direct contribution to GDP in Croatia 2015-2017, by spending type
  • Basic Statistic Travel and tourism direct contribution to GDP in Germany 2015-2017, by spending type
  • Basic Statistic Travel and tourism direct contribution to GDP in Belgium 2017, by spending type
  • Basic Statistic Travel and tourism direct contribution to GDP in Poland 2017, by spending type
  • Basic Statistic Travel and tourism direct contribution to GDP in Hungary 2017, by spending type
  • Basic Statistic Share of tourism expenditures in Portugal 2019-2020, by travel purpose
  • Basic Statistic Travel and tourism's contribution to GDP in Sweden in 2017, by spending type
  • Basic Statistic Travel and tourism's contribution to GDP in Denmark in 2017, by spending type
  • Basic Statistic Travel and tourism direct contribution to GDP in Poland 2017, by tourist type
  • Premium Statistic Most visited regions in Australia by Chinese leisure visitors 2020
  • Premium Statistic Average spend per night of Chinese visitors traveling to Australia 2020
  • Premium Statistic Average spending per trip of Chinese visitors traveling to Australia 2020
  • Premium Statistic Outbound travel spending in the Czech Republic 2012-2018
  • Premium Statistic Annual added value of the tourism industry in Italy 2010-2016
  • Basic Statistic Direct tourism contribution to GDP in UAE 2012-2028
  • Basic Statistic Number of licensed tourist accommodation enterprises in Ghana 2016-2022
  • Basic Statistic Main nationalities of tourists arriving in Mozambique 2020
  • Basic Statistic Share of U.S. travelers who spend more money than expected when traveling 2015

Further Content: You might find this interesting as well

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  • Share of tourism expenditures in Portugal 2019-2020, by travel purpose
  • Travel and tourism's contribution to GDP in Sweden in 2017, by spending type
  • Travel and tourism's contribution to GDP in Denmark in 2017, by spending type
  • Travel and tourism direct contribution to GDP in Poland 2017, by tourist type
  • Most visited regions in Australia by Chinese leisure visitors 2020
  • Average spend per night of Chinese visitors traveling to Australia 2020
  • Average spending per trip of Chinese visitors traveling to Australia 2020
  • Outbound travel spending in the Czech Republic 2012-2018
  • Annual added value of the tourism industry in Italy 2010-2016
  • Direct tourism contribution to GDP in UAE 2012-2028
  • Number of licensed tourist accommodation enterprises in Ghana 2016-2022
  • Main nationalities of tourists arriving in Mozambique 2020
  • Share of U.S. travelers who spend more money than expected when traveling 2015

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Economic Impact Research

  • In 2023, the Travel & Tourism sector contributed 9.1% to the global GDP; an increase of 23.2% from 2022 and only 4.1% below the 2019 level.
  • In 2023, there were 27 million new jobs, representing a 9.1% increase compared to 2022, and only 1.4% below the 2019 level.
  • Domestic visitor spending rose by 18.1% in 2023, surpassing the 2019 level.
  • International visitor spending registered a 33.1% jump in 2023 but remained 14.4% below the 2019 total.

Click here for links to the different economy/country and regional reports

Why conduct research?

From the outset, our Members realised that hard economic facts were needed to help governments and policymakers truly understand the potential of Travel & Tourism. Measuring the size and growth of Travel & Tourism and its contribution to society, therefore, plays a vital part in underpinning WTTC’s work.

What research does WTTC carry out?

Each year, WTTC and Oxford Economics produce reports covering the economic contribution of our sector in 185 countries, for 26 economic and geographic regions, and for more than 70 cities. We also benchmark Travel & Tourism against other economic sectors and analyse the impact of government policies affecting the sector such as jobs and visa facilitation.

Visit our Research Hub via the button below to find all our Economic Impact Reports, as well as other reports on Travel and Tourism. 

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These are the top 10 countries for travel and tourism

A plane flying across Miami Beach, United States.

The US retains its prime position in the World Economic Forum's latest Travel & Tourism Development Index. Image:  Unsplash/EveLazco

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  • Pent-up demand after the pandemic is expected to drive passenger numbers back up to pre-pandemic levels in 2024.
  • The recovery of the travel and tourism sector since the pandemic has been uneven, however, and some nations are better placed than others to respond to the challenges and opportunities of the future.
  • The top three best-placed countries for travel and tourism are the US, Spain and Japan, according to the World Economic Forum’s Travel & Tourism Development Index.

If you were desperate to get away after the restrictions and enforced staying at home of the pandemic years, you were far from alone.

Global international tourist arrivals are expected to meet pre-pandemic levels in 2024 driven by this pent-up demand. But, the recovery of the travel and tourism sector since the pandemic has not been without challenges. Add to that macroeconomic, geopolitical and environmental factors, which have added pressures on the industry.

These pressures will amplify and evolve over the coming years and, along with the growth of digital technologies and AI, may well force the travel industry to adapt.

Some economies are better placed than others to make these changes, respond to future risks and ensure that travel and tourism is a driver of economic growth and prosperity.

With this in mind, the World Economic Forum’s Travel & Tourism Development Index (TTDI) aims to serve as a benchmark for stakeholders to gauge progress, inform decisions and policies, and encourage sustainable and resilient growth.

A mixed recovery in challenging conditions

Europe dominates the top 10 economies for T&T, as ranked by the 2023 index, although the top spot is clinched by the US.

List showing the countries on the overall rankings in the Travel and Tourism Index.

But the index also shows that while 71 of the 119 economies it ranks improved their scores between 2019 and 2023, the average improvement is just 0.7% above pre-pandemic levels.

On the one hand, the rebound in travel and tourism has coincided with rising global air route capacity and connectivity, improved international openness, and increased investment in natural and cultural resources driving tourism. On the other hand, non-leisure demand is still lagging, there are ongoing labour shortages, and air route capacity and connectivity, capital investment and productivity have struggled to keep pace with demand.

This has created a supply and demand imbalance which, along with inflationary pressures, has led to reduced price competitiveness and service disruptions.

Charts showcasing the scores for Travel and Tourism Index.

Europe and Asia-Pacific have the most favourable conditions

Of the top 30 TTDI scorers in 2023, 26 are high-income countries. Nineteen of them are based in Europe, and seven in Asia Pacific.

These countries benefit from favourable business environments and labour markets, open travel policies, advanced technology adoption, excellent transport and tourism infrastructure, and rich natural, cultural and non-leisure attractions.

As a result, this group of 30 accounted for more than three-quarters of T&T industry GDP in 2022, and 70% of GDP growth between 2020 and 2022.

Map showcasing the scores for Travel and Tourism Index.

But although this group is leading the way, many of the above-average improvements in scores come from low- to upper-middle-income countries, including sub-Saharan and North Africa, Eurasia, South America, South Asia, and the Balkans and Eastern Europe.

While many have shown improvements, these less affluent countries still make up the vast majority of below-average scorers in the index. More investment is needed to help increase their share of the market and improve their readiness for future risks and opportunities.

Progress needed on resilience and equality

The ability of the travel and tourism sector to grow is limited by challenges like tight labour markets, growing fiscal constraints and concerns around health and security conditions. Labour market resilience will be an increasingly important factor for the sector, but issues like equality of job opportunities, workers’ rights and social protection are holding many economies – particularly low- and middle-income ones – back in this area.

As other sectors proceed to decarbonize, the aviation sector could account for a much higher share of global greenhouse gas emissions by mid-century than its 2%-3% share today.

Sustainable aviation fuels (SAF) can reduce the life-cycle carbon footprint of aviation fuel by up to 80%, but they currently make up less than 0.1% of total aviation fuel consumption. Enabling a shift from fossil fuels to SAFs will require a significant increase in production, which is a costly investment.

The Forum’s Clean Skies for Tomorrow (CST) Coalition is a global initiative driving the transition to sustainable aviation fuels as part of the aviation industry’s ambitious efforts to achieve carbon-neutral flying.

The coalition brings together government leaders, climate experts and CEOs from aviation, energy, finance and other sectors who agree on the urgent need to help the aviation industry reach net-zero carbon emissions by 2050.

The coalition aims to advance the commercial scale of viable production of sustainable low-carbon aviation fuels (bio and synthetic) for broad adoption in the industry by 2030. Initiatives include a mechanism for aggregating demand for carbon-neutral flying, a co-investment vehicle and geographically specific value-chain industry blueprints.

Learn more about the Clean Skies for Tomorrow Coalition's impact and contact us to find out how you can get involved.

Another major hurdle for the sector is balancing growth with sustainability. Although there has been broad progress in areas like energy sustainability, some progress – like the fall in emissions seen during the pandemic – is likely to only be temporary.

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World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use.

The views expressed in this article are those of the author alone and not the World Economic Forum.

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  • Travel Tips

How Does Tourism Contribute To The UK Economy

Published: December 12, 2023

Modified: December 28, 2023

by Heddi Bloch

  • Sustainability
  • Travel Destinations
  • Travel Essentials & Accessories

how-does-tourism-contribute-to-the-uk-economy

Introduction

Tourism plays a crucial role in driving economic growth and development in the United Kingdom. With its rich history, diverse culture, stunning landscapes, and iconic landmarks, the UK attracts millions of visitors from around the world each year. This influx of tourists not only provides a boost to the country’s economy but also creates numerous employment opportunities, stimulates regional development, and encourages investment in tourism infrastructure.

With the rise of digital technology and the ease of travel, the tourism industry has experienced significant growth in recent years. According to the Office for National Statistics, in 2019, there were over 40 million inbound visits to the UK, generating revenue of over £28 billion. These numbers highlight the importance of tourism as a significant economic contributor.

In this article, we will explore the direct and indirect contributions of tourism to the UK economy, the employment opportunities it creates, the regional and local economic impact, as well as the challenges and opportunities faced by the tourism sector.

The Importance of Tourism in the UK Economy

Tourism plays a crucial role in the UK economy, contributing significantly to the country’s GDP and employment figures. It is not only a major revenue generator but also enhances the country’s reputation as a global tourist destination. Here are some key reasons why tourism is vital to the UK economy:

  • Economic Contribution: Tourism is a major contributor to the UK economy, generating billions of pounds in revenue annually. The money spent by tourists on accommodation, dining, transportation, shopping, and attractions directly boosts local businesses and stimulates economic growth.
  • Growth and Development: The tourism industry has the potential to bring economic growth and development to both urban and rural areas. It encourages investment in infrastructure, such as hotels, restaurants, and transportation networks, which leads to job creation and increased prosperity for local communities.
  • Brand Building: The UK’s rich history, cultural heritage, and natural beauty attract millions of tourists each year. By showcasing its unique attractions and experiences, tourism helps build the country’s brand image and promotes its cultural and creative industries, such as music, literature, theater, and fashion.
  • Global Competitiveness: Tourism plays a crucial role in positioning the UK as a leading global destination. It enhances the country’s competitiveness in attracting international visitors, boosting trade, attracting foreign investment, and fostering cultural exchange.
  • Job Creation: The tourism industry generates a significant number of jobs across various sectors. From hotel staff and tour guides to taxi drivers and restaurant workers, tourism provides employment opportunities to individuals with diverse skill sets, contributing to overall economic stability.

Overall, tourism is an essential component of the UK economy, driving growth, creating employment, and supporting local communities. It not only brings financial benefits but also helps promote the country’s culture, heritage, and reputation on a global scale.

Direct Contributions of Tourism to the UK Economy

The direct contributions of tourism to the UK economy are significant, encompassing the spending by tourists on various goods and services during their visits. Here are some key areas where tourism directly contributes to the country’s economy:

  • Accommodation: Tourists require a place to stay, and the demand for accommodations, such as hotels, bed and breakfasts, and vacation rentals, contributes directly to the economy. The revenue generated from room bookings, along with associated services like housekeeping, maintenance, and food and beverage, significantly boosts the hospitality sector.
  • Food and Beverage: Dining is an integral part of the travel experience, and tourists spend a considerable amount of money on food and beverages. This includes meals at restaurants, cafes, pubs, as well as purchases at local food markets and grocery stores.
  • Transportation: Getting around the country is essential for tourists, and their spending on transportation services directly benefits the transport industry. This includes airfare, train tickets, bus tours, car rentals, taxis, and other modes of transportation.
  • Attractions and Entertainment: The UK is renowned for its world-class attractions, including historical landmarks, museums, art galleries, theme parks, and theaters. Tourists actively spend on entrance fees, guided tours, performances, and other entertainment options, contributing directly to the cultural and entertainment sectors.
  • Retail and Shopping: Tourists often indulge in retail therapy, purchasing souvenirs, local products, clothing, and luxury goods. This boosts the retail industry, including shops, boutiques, department stores, and markets.

These direct contributions from tourism form a substantial portion of the revenue generated within the UK economy. They not only benefit the industries directly related to tourism but also have a ripple effect on the wider economy, creating demand for goods and services, and stimulating overall economic activity.

Indirect Contributions of Tourism to the UK Economy

The indirect contributions of tourism to the UK economy are just as vital as the direct contributions. These indirect effects ripple through various sectors and have a widespread impact on the overall economy. Here are some key areas where tourism indirectly contributes to the country’s economic growth:

  • Supply Chain: The tourism industry relies on a wide range of goods and services provided by other sectors. These include suppliers of food and beverages, linens and furnishings for accommodations, transportation fuels, and maintenance services. The demand generated by tourism stimulates production and employment in these sectors.
  • Tourism Support Services: Various enterprises contribute to the smooth functioning of the tourism industry without directly serving tourists. These include marketing agencies, travel agents, tour operators, event organizers, and other service providers who work behind the scenes to promote and organize tourism activities. The revenue generated by these businesses indirectly benefits the wider economy.
  • Cultural and Creative Industries: Tourism provides a platform for the promotion and consumption of the UK’s cultural and creative industries. Visitors are drawn to the country’s art, music, theater, literature, and other forms of cultural expression. The revenue generated from these sectors, such as ticket sales, book sales, and licensing fees, contributes indirectly to the economy.
  • Infrastructure and Construction: The growth of tourism often leads to investments in infrastructure development. This includes the construction and improvement of transportation networks, airports, hotels, visitor centers, and other facilities. The resulting infrastructure projects create employment opportunities in the construction sector and enhance the overall business environment.
  • Spillover Effects: The spending by tourists stimulates economic activity in the wider community. For example, when tourists visit a destination, they spend on local services such as hairdressers, spas, laundromats, and other businesses that cater to their needs. This leads to indirect employment and income generation in the local economy.

Overall, the indirect contributions of tourism have a multiplier effect on the UK economy. They generate employment, stimulate production, promote cultural and creative industries, and contribute to the overall economic well-being of the country.

Employment Opportunities Created by Tourism

Tourism is a significant job creator in the UK, providing employment opportunities across a diverse range of industries. From direct roles within the tourism sector to indirect job opportunities in supporting industries, tourism plays a vital role in the country’s overall employment landscape. Here are some key areas where tourism creates employment:

  • Accommodation and Hospitality: The demand for accommodations, including hotels, guesthouses, and vacation rentals, creates a multitude of job opportunities. From front desk staff and housekeeping to concierge services and restaurant personnel, the hospitality sector provides a wide range of employment options.
  • Food and Beverage: The restaurant and catering industry benefits greatly from tourism. Waitstaff, chefs, bartenders, kitchen staff, and other professionals find employment opportunities in a variety of eating establishments, ranging from fine dining restaurants to casual cafes and bars.
  • Tourism Operations and Services: Tour operators, travel agencies, and tourism organizations employ individuals in roles such as tour guides, travel agents, event planners, and customer service representatives. These professionals help plan, organize, and deliver tourism experiences to visitors.
  • Transportation: The transportation sector, including airlines, railways, bus operators, taxi services, and car rental companies, relies on tourism for a significant portion of its revenue. Pilots, flight attendants, bus drivers, train conductors, and other transportation professionals find employment thanks to the demand created by tourists.
  • Attractions and Entertainment: Museums, art galleries, theaters, theme parks, and other tourist attractions employ individuals in roles such as guides, curators, performers, ticketing agents, and maintenance staff. The entertainment industry also benefits from tourism, providing employment for musicians, actors, and other performers.
  • Retail and Souvenir Shops: Tourism drives demand for local products, souvenirs, and unique shopping experiences. Retail establishments, including shops, boutiques, and markets, hire sales associates, managers, and support staff to cater to tourists’ shopping needs.

Furthermore, tourism indirectly supports employment in other sectors, such as agriculture, construction, marketing, and creative industries. For example, farmers and producers supply local food and beverages for restaurants, while construction workers are employed in building new tourism infrastructure. Marketing professionals promote the country’s tourism offerings, and artists and performers contribute to the cultural experiences enjoyed by tourists.

In summary, tourism creates a wide range of employment opportunities in the UK, benefiting not only the tourism industry itself but also numerous supporting sectors. These jobs contribute to local economies, enhance career prospects, and foster economic stability and growth.

Regional and Local Economic Impact of Tourism

Tourism has a significant impact on regional and local economies throughout the UK, contributing to economic growth, job creation, and regional development. Here are some key ways in which tourism influences regional and local economies:

  • Increased Revenue: Tourism brings in revenue to local businesses, including accommodations, restaurants, attractions, and shops. This influx of visitor spending helps to stimulate economic activity and generate income for local businesses and entrepreneurs.
  • Job Creation: Tourism creates employment opportunities for local communities. As tourism grows in a region, more jobs are created across various sectors, including hospitality, transportation, retail, and entertainment. This leads to reduced unemployment rates and increased income for local residents.
  • Small Business Growth: Tourism provides a platform for small and local businesses to thrive. From boutique hotels and family-run bed and breakfasts to artisan shops and local food producers, tourism drives demand for unique and authentic experiences, supporting the growth of small businesses.
  • Infrastructure Development: Successful tourism destinations often require investments in infrastructure and amenities. This includes the development of transportation networks, improvement of roads and public spaces, enhancement of cultural and historic sites, and the establishment of visitor centers. These infrastructure developments not only benefit tourists but also improve the quality of life for local residents.
  • Preservation of Culture and Heritage: Tourism encourages the preservation and promotion of local culture, traditions, and heritage. As regions and communities recognize the value of their cultural assets in attracting visitors, efforts are made to preserve and showcase them. This not only fosters a sense of pride among locals but also provides unique experiences for tourists.
  • Multiplier Effect: The impact of tourism extends beyond the direct spending of tourists. Visitor expenditures circulate through the local economy through indirect and induced effects. Suppliers, service providers, and local businesses benefit from the demand created by tourism, generating additional economic activity.
  • Community Development: Tourism can contribute to the overall development of communities. The presence of tourists often leads to the creation of new amenities and services, including parks, recreational facilities, and cultural events. These improvements enhance the quality of life for both residents and visitors.

It’s important to note that the regional and local economic impact of tourism may vary across different parts of the UK. Popular tourist destinations, such as London, Edinburgh, and Manchester, may experience more significant economic benefits due to higher visitor numbers. However, efforts are being made to promote and develop tourism in lesser-known regions, boosting their economies and spreading the benefits of tourism more evenly.

In summary, tourism has a positive impact on regional and local economies, generating revenue, creating jobs, supporting small businesses, improving infrastructure, preserving culture and heritage, and promoting community development.

Infrastructure and Investment in Tourism

Infrastructure and investment play a crucial role in the growth and development of the tourism sector in the UK. Adequate and well-maintained infrastructure is essential to attract and accommodate tourists, while investment in tourism ensures its sustainability and competitiveness. Here are some key aspects related to infrastructure and investment in tourism:

  • Transportation Networks: A well-connected transportation system is vital for the success of the tourism industry. Airports, seaports, railways, and roadways provide the necessary links for both domestic and international travelers to access different destinations within the UK. Investment in the improvement and expansion of transportation networks enhances accessibility, reduces travel times, and facilitates the movement of tourists.
  • Accommodation Facilities: The availability of varied and quality accommodation options is crucial for attracting and accommodating tourists. Investment in the construction and improvement of hotels, guesthouses, vacation rentals, and other types of accommodations helps meet the diverse needs and preferences of travelers, ensuring a comfortable and enjoyable stay.
  • Tourist Attractions and Facilities: Investment in the development and maintenance of tourist attractions and facilities is essential to create compelling experiences for visitors. This includes the preservation of historical and cultural sites, the establishment of museums and art galleries, the enhancement of natural landscapes, and the provision of amenities such as visitor centers, walking trails, and picnic areas.
  • Digital Infrastructure: In today’s digital age, investment in digital infrastructure is critical for the tourism sector. Access to high-speed internet, Wi-Fi availability in public spaces, and the development of digital platforms and mobile applications enable tourists to gather information, make bookings, and share experiences. This boosts convenience, connectivity, and engagement with visitors.
  • Sustainable Practices: Investment in sustainable tourism practices is vital for the long-term viability of the sector. This includes initiatives such as eco-friendly accommodations, responsible waste management systems, conservation efforts, and community involvement. Sustainable investment ensures the preservation of natural resources, minimizes negative impacts on the environment, and promotes the well-being of local communities.
  • Marketing and Promotion: Investment in marketing and promotion activities is crucial to attract tourists and showcase the unique offerings of different destinations in the UK. This includes both domestic and international marketing campaigns, participation in travel trade fairs, creation of promotional materials, and leveraging digital platforms to reach a wider audience. Effective marketing and promotion strategies help create awareness, generate interest, and drive visitor numbers.
  • Partnerships and Collaboration: Collaboration between the public and private sectors, as well as partnerships with local communities, is essential for infrastructure development and investment in tourism. Public-private partnerships facilitate funding and expertise sharing, ensuring that investments are strategically planned and coordinated. Working with local communities ensures that tourism development aligns with their needs and aspirations.

Investment in infrastructure and tourism plays a vital role in attracting visitors, enhancing their experiences, and contributing to the overall growth and sustainability of the sector. It supports job creation, stimulates economic activity, promotes destination competitiveness, and fosters the long-term success of the tourism industry in the UK.

Challenges and Opportunities for the Tourism Sector in the UK

The tourism sector in the UK faces both challenges and opportunities as it strives to maintain growth, sustainability, and competitiveness. Understanding and addressing these factors is essential for the sector’s long-term success. Here are some key challenges and opportunities for the tourism sector:

  • Challenges:
  • Seasonality: The UK experiences a high concentration of tourist arrivals during peak seasons, leading to congestion, increased prices, and strain on resources. Balancing seasonality and attracting visitors throughout the year is a challenge to ensure a more sustainable and evenly distributed tourism flow.
  • Competition: The global tourism market is highly competitive, with countries around the world vying for a share of international visitors. The UK faces competition from both traditional European destinations and emerging destinations in other regions. Maintaining and strengthening the UK’s position as a leading global tourist destination requires ongoing efforts and marketing strategies.
  • Infrastructure and Capacity: The demand for tourism puts pressure on infrastructure and services. Overcrowding at popular attractions, insufficient transportation capacity, and strain on accommodations can negatively impact visitor experiences. Investments in infrastructure and capacity-building are necessary to meet the needs of growing tourism demand.
  • Sustainability and Environmental Impact: As tourism grows, the environmental impact becomes a pressing concern. Balancing the preservation of natural resources, protecting fragile ecosystems, and minimizing carbon footprints is crucial. Embracing sustainable tourism practices and promoting responsible visitor behavior are essential for long-term sustainability.
  • Opportunities:
  • Value for Money: The value for money proposition of the UK as a destination can be a competitive advantage. Offering diverse experiences, historical sites, cultural attractions, and natural beauty at various price points can attract visitors seeking affordable yet enriching travel experiences.
  • Domestic Tourism: Encouraging domestic tourism presents a significant opportunity. Promoting staycations, weekend getaways, and exploring lesser-known regions within the UK can help stimulate economic activity, reduce the reliance on international visitors, and distribute tourism benefits more evenly across the country.
  • Cultural Heritage and Events: The UK’s rich cultural heritage, including historical landmarks, castles, museums, and events such as festivals and celebrations, presents a significant opportunity for attracting international visitors. Collaborating with local communities to showcase unique cultural experiences can create memorable and authentic experiences for visitors.
  • Technology and Innovation: Embracing technology and leveraging digital platforms can enhance the visitor experience and promote the UK’s tourism offerings. Mobile applications, virtual reality experiences, and personalized marketing campaigns can engage and entice prospective travelers, expand reach, and provide convenience and accessibility for visitors.
  • Sustainable and Responsible Tourism: The trend towards sustainable and responsible tourism presents an opportunity for the UK to lead by example. By investing in eco-friendly accommodations, promoting ethical wildlife tourism, and supporting local communities, the country can attract conscious travelers who seek sustainable and authentic experiences.

By acknowledging and addressing these challenges while capitalizing on the opportunities, the UK’s tourism sector can continue to flourish, contributing to economic growth, job creation, and enhanced destination experiences.

Tourism holds immense importance in driving the UK economy and has a profound impact on its regional and local communities. The tourism sector contributes directly and indirectly to the economy through visitor spending, job creation, infrastructure development, and promoting cultural heritage and experiences. However, the sector also faces challenges such as seasonality, competition, infrastructure demands, and the need for sustainability.

Despite these challenges, the UK has several opportunities to leverage for the continued success of its tourism industry. By offering value for money, promoting domestic tourism, showcasing cultural heritage, embracing technology and innovation, and adopting sustainable practices, the country can attract visitors and create memorable experiences.

It is crucial for stakeholders, including government bodies, tourism organizations, local communities, and businesses, to work collaboratively to address the challenges, seize the opportunities, and ensure the sustainable growth of the tourism sector. Investments in infrastructure and capacity building, the preservation of cultural heritage, marketing initiatives, and responsible tourism practices will play key roles in shaping the future of UK tourism.

In conclusion, tourism is a vital contributor to the UK economy, supporting economic growth, creating employment opportunities, nurturing cultural heritage, and promoting regional development. By embracing innovation, sustainability, and collaboration, the UK can continue to position itself as a premier global tourist destination, enriching the lives of visitors and fostering economic prosperity for its communities.

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Money blog: Beach goers threatened with £1,000 fine

Beach-goers in Cumbria have been warned they could face a fine of up to £1,000 if they remove pebbles or shells across the area. Read this and the rest of today's consumer and personal finance news in the Money blog below, and leave your thoughts in the comments box.

Wednesday 29 May 2024 12:11, UK

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Parents see personal finance as a more important life skill than maths for schoolchildren, according to new research.

A poll by Nationwide suggests the majority (89%) of parents of children aged eight to 13 think finance education would help their kids understand the value of money.

The survey of 2,000 UK adults found that personal finance even ranked above maths, digital skills and cooking as vital skills for children - coming second only to literacy.

More than eight in 10 parents (84%) said their child hadn't had any finance education at school, despite the vast majority saying it was important for children to understand money.

The top subjects parents value at school are:

  • 1. Literacy (66%)
  • 2. Personal finance (59%)
  • 3. Maths (51%)
  • 4. Cooking (41%)
  • 5. Digital skills (26%)

Personal finance was deemed the most important subject for children and young people among parents polled in Brighton, Belfast and Newcastle. 

Amanda Beech, director of retail services at Nationwide, said financial education can "help young people get to grips with the world of money". 

By Daniel Binns, business reporter

One of the big gainers on the stock market this morning is International Distributions Services, the owner of Royal Mail.

Shares in the company are up more than 3% on the FTSE 250 index after the company's board announced it had agreed to a takeover by "Czech Sphinx" Daniel Kretinsky.

Read more on that here...

While the deal is yet to be approved by shareholders and regulators, investors are clearly excited at the prospect of the £3.6bn agreement.

At the other end of the scale, online delivery firm Ocado has plunged more than 6% in early trading.

It comes after reports that it is a leading candidate to be relegated from the FTSE 100 - along with asset manager St James's Place, which is down 1.6%.

The FTSE 100 overall is down 0.2% this morning amid ongoing uncertainty over interest rate cuts in the US.

Gainers include mining firm Fresnillo and water firm United Utilities, which are both up more than 2.4%.

On the currency markets, £1 buys $1.27 US or €1.17 - similar to yesterday.

A barrel of benchmark Brent crude has climbed to almost $85 (£66.60) this morning, a rise of nearly 1%.

Spotify subscribers have the chance to nab a slightly cheaper deal after it quietly launched new plans - but you'll have to be willing to give up one thing.

If you pay for an individual, duo or family subscription, you can save up to £24 a year by switching to one of the music platform's new "basic" plans, according to Money Saving Expert .

The catch, though, is that you'll lose audiobooks. All the other benefits such as no ads, song downloads and higher-quality audio will remain for existing subscribers.

The "basic" plans are the same price as Spotify's premium options used to be before it hiked prices last month. Most of the premium plans include 15 hours a month of audiobook listening time.

Only existing Spotify subscribers can get the new basic option for now - there's no date set for when they'll become available to everyone, Money Saving Expert said.

Every Wednesday we ask Michelin chefs to pick their favourite Cheap Eats where they live and when they cook at home. This week we speak to Dave Wall, head chef at the UK's number one ranked gastropub, The Unruly Pig in Suffolk.

Hi Dave , c an you tell us your favourite places in Suffolk  where you can get a meal for two for less than £40?

Honey + Harvey . A cracking spot for breakfast, brunch or lunch. They have the most delicious coffee and a cracking full English, the vibe is super-chilled and laidback and I always feel so relaxed there.

Lark . A beautiful little independent restaurant in Bury St Edmunds with the most incredible selection of small plates and top-drawer cooking. Admittedly, I find myself spending a fair bit more than £40 at Lark because I love James Carn's cooking so much that I end up going way over the top and ordering far too many dishes.

What's your go-to cheap meal at home?

Anchovy pasta is one. I get that anchovy is often considered a Marmite ingredient. I love them, but if you are in the "hate" camp, then please bear with me, as I want to persuade you to give these versatile little wonders a second look (and perhaps not tar all anchovies with the same brush).

My recipe below uses both brown and brined anchovies. It is an easier but still utterly delicious version of the dish I've served at The Unruly Pig (which also comes with an oyster velouté). This is comfort food at its best. Buon appetito!

  • 250g butter
  • 70g brown anchovies (ideally Cantabrian)
  • 1 clove garlic
  • 30g double cream
  • 25g of brined anchovies

Add all the ingredients to a pan. Bring to a slow simmer on a low heat. Once the mixture starts to boil, remove, and transfer to blender. Blend for two minutes until the mixture is well emulsified. Set aside.

Pangrattato

Three bread slices, crusts removed (staler the better)

  • 1 garlic clove
  • 1 lemon zest
  • Pinch salt & pepper

Blend all the ingredients in food processor, making sure the crumb is fine. On a low heat, gently toast the crumbs until they become golden.

  • 125 g of fresh spaghetti per person
  • Grated Parmesan, brined anchovy, celery leaf to garnish 

Gently the cook the pasta in simmering boiling water, add plenty of salt to the pasta water so it tastes like sea water. Cook for 1-2 minutes - or to instructions if using dried.

Bring it all together

Meanwhile, gently heat the anchovy pasta sauce in a large pan so it becomes warm. Be careful not to boil. Once the pasta is cooked, gently remove and put it straight in to the warmed anchovy sauce. Add a splash of the pasta water to retain some of the starch (as this will help thicken your sauce).

Gently cook the pasta in the anchovy sauce until it becomes thick and creamy, and the sauce coats the pasta. Serve into a bowl and add the Parmesan, fresh anchovies and celery leaf on top.

Generously sprinkle the pasta with the golden pangrattato to add a wonderful texture and crunch.

We've spoken to lots of top chefs and bloggers - check out their cheap eats from around the country here...

Beach-goers in Cumbria have been warned they could face a fine of up to £1,000 if they remove pebbles or shells across the area.

Cumberland Council has told visitors it is unlawful to take natural materials such as sand, shells and pebbles from the beach under the Coast Protection Act.

Cumberland councillor Bob Kelly said it was important to "ensure that our beaches remain vibrant and intact for future generations".

"I understand people's reluctance to follow this guidance, as I have been a collector of shells myself. But taking a pebble or a shell from a beach can in fact damage the environment," he said.

"Pebbles and other natural matter act as a natural sea defence against coastal erosion, natural flood defences and wildlife habitats, which many experts warn has become even more of an issue due to climate change."

People are spending more on holiday than they were two years ago, the latest data from ABTA Travel Money has shown. 

On average, UK travellers are spending £369 each during a short break abroad - up more than £59 since 2022. 

For a longer break, the typical amount rises to £660, which is up £231 a person since 2022. 

Families with children over five are likely to spend the most while on a short holiday, totalling £431.

But the highest spend comes from travellers aged 55-64, who spend an average of £721.  

"People are spending more while on holiday overseas and that can't just be put down to inflation," Graeme Buck, director of communications for ABTA Travel Money, said. 

"Over the past two years, UK prices have risen by a total of 9.3% whereas overseas holiday spend is up by 54% for a longer holiday.

"Add in more favourable exchange rates for many holiday destinations, we see over the last few years that there has been a clear shift towards people spending the spare money they may have on holidays and creating memories that will last a lifetime." 

Visitors to all Euro currency destinations this summer will see a little more for their money, as the pound has increased against the Euro (up 2.1%). 

The UK has the highest diesel prices in Europe, according to new analysis.

The RAC, which carried out the research, found the average price of a litre of diesel at UK forecourts is 155p - 5p more than Ireland and Belgium.

Although duty on both petrol and diesel was cut from 57.95p to 52.95p in spring 2022, the UK still has the highest rate of duty on diesel in Europe alongside Italy, but Italy's average pump price is 7p per litre cheaper at 148p.

France's duty rate is the equivalent of just 1p per litre lower than in the UK, but its average price for diesel is 9p per litre cheaper at 146p.

The analysis is based on figures from the European Commission and the UK's Competition and Markets Authority.

Simon Williams, fuel spokesman for the RAC, said: "Having the most expensive diesel in Europe despite the current 5p duty cut is a very dubious honour."

Despite the RAC bringing the issue to the attention of energy secretary Claire Coutinho in a letter just over a week ago, he said, "the price of diesel at the pump has barely fallen".

"We can see no good reason why retailers in Great Britain aren't cutting their prices at the pumps," he added.

Thieves are targeting electric car charging cables in the latest spate of car crimes.

Data from Instavolt, the UK's largest operator of rapid chargers, found gangs had targeted 27 sites in Yorkshire and the Midlands since last November and stolen 174 cables.

With each cable costing at least £1,000, the operator, which runs Osprey Charging and BP Pulse, said this was affecting electric vehicle drivers.

It also risked deterring prospective drivers who wanted to make the move to electric cars, they said.

The company is now introducing a range of measures at charging stations to deter thieves, including installing extra CCTV, security patrols, using SmartWater to tag property and tracking devices.

Instavolt CEO Delvin Lane told Autocar : "These thefts are extremely frustrating for our customers and for us."

He also noted that it was a "misconception" that the copper in chargers brought real financial gain. 

"The value of any metal stolen is insignificant. The thefts just cause disruption to EV drivers - including those in the emergency services - looking to charge their vehicles," he said.

By Sarah Taaffe-Maguire , business reporter

A company that makes microchips for artificial intelligence and became the first chipmaker to be worth first $1trn then $2trn has today reached another record high.

Nvidia shares are now going for a record $1,132.19 after it posted higher-than-expected quarterly profits and made strong forecasts. Its value is now $2.62trn (£2.05trn)

The US-based, New York-listed company is in the ranks of tech giants worth the eye-watering trillion sum, including Amazon, Apple, Microsoft, and Google parent company Alphabet, as investors expect the company will benefit from the AI revolution.

Also making headlines was UK company Boohoo, the Manchester-based fast fashion retailer, as it cancelled annual bonuses worth £3m. 

A pay proposal for bosses was also ditched after talks with shareholders as the company has experienced losses after the pandemic-era online shopping boom faded and a cost of living crisis eroded consumer spending power.

Revolution Bars has rejected a proposed offer from rival Nightcap, warning it is "incapable of being delivered".

The hospitality group launched a sale process and restructuring plans last month amid efforts to stay afloat. The company's restructuring plans include £12.5m in fundraising and the closure of 18 venues.

But Revolution has said the non-binding proposal from Nightcap  did not include the proposed fundraising and would not work as it was "highly conditional".

Read the full story here ...

The rate of price rises in UK shops has returned to "normal levels", according to new industry figures.

Overall annual shop inflation eased to 0.6% in May, down from 0.8% in April, the British Retail Consortium (BRC) and NielsenIQ said.

The figure is the lowest since November 2021.

More than 120 business leaders have written an open letter giving their backing to Labour in the general election.

The letter printed in The Times has been signed by figures including the founders of Wikipedia Jimmy Wales, chef Tom Kerridge and former CEOs of Heathrow, JP Morgan and Aston Martin.

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Record heat seared parts of the Indian capital for a second day on Wednesday, reaching a temperature of 52.3 degrees Celsius (126.14 degrees Fahrenheit), while an unprecedented heat wave continued to parch some northwestern regions.

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COMMENTS

  1. Travel and tourism in the United Kingdom

    Travel and tourism contribute significantly to the economy of the United Kingdom (UK). In 2022, the total contribution of travel and tourism to the UK's GDP rose to an estimated 237.1 billion ...

  2. Tourism's Contribution To UK Economy

    The value of tourism in England. This report reveals the contribution of England's tourism sector to the economy. England's tourism sector contributes £106 billion to the British economy (GDP) when its direct and indirect impacts are taken into account - and it supports 2.6 million jobs. When only its direct impacts are considered ...

  3. Tourism industry

    There were 3.0 million visits to the UK by overseas visitors in June 2022; an increase from 2.8 million visits in May 2022. Visits by overseas visitors to the UK in June 2022 are still lower than pre-coronavirus (COVID-19) pandemic levels, down 19% from 3.7 million in June 2019. Overseas residents spent £2.7 billion in the UK in June 2022.

  4. Tourism and outdoor leisure accounts, natural capital, UK: 2021

    Main points. Nature contributed an estimated £12 billion to tourism and outdoor leisure within the UK in 2019. The number of outdoor-related activities participated in across the UK rose from 1.2 billion to 1.5 billion between 2011 and 2016. Outdoor-related activities in urban settings accounted for over 60% of all nature-based spending in ...

  5. Travel trends

    Annual estimates of travel and tourism visits to the UK (of less than 12 months' duration) and associated earnings and expenditure between the UK and the rest of the world. ... It will also affect tourism figures within household's final consumption expenditure data within quarterly GDP publications. These changes will be introduced during ...

  6. News Article

    According to the report, the UK's Travel & Tourism's contribution to GDP is forecasted to grow at an average rate of 3% annually between 2022-2032. This is nearly twice the 1.7% growth rate of the overall economy and is set to reach more than £286 billion (10.1% of the total economy). By the end of 2022, the sector's contribution to GDP ...

  7. Tourism: statistics and policy

    Domestic tourism is also far more spread out throughout the country, and less focused on London. Economic impact. In 2019, tourism was estimated to account for £74 billion (3.6%) of economic output. By comparison the EU average was 4.5%. Tourism was estimated to directly account for the employment of 1.7 million UK workers in 2019, 5.3% of all ...

  8. OECD Tourism Trends and Policies 2020

    Tourism is a major part of the United Kingdom economy. In 2017, the Tourism Satellite Account estimated a direct contribution of GBP 59.7 billion in GVA, 3.2% of total GVA. Tourism is growing at a faster rate than the overall UK economy and an additional 9 million visitors are forecast by 2025.

  9. VisitBritain Annual Report & Statistics

    Explore how we consistently exceed targets set by the UK Government, add value to the English and British tourism industry, and contribute significantly to the economy. Our key achievements VisitBritain generated £1.26 billion in additional visitor spend between April 2021 and July 2023 from our international and domestic marketing.

  10. UK Tourism Industry Statistics & Research

    Gain a deeper knowledge of travel and tourism with our industry-leading data and analysis. We provide expert research into the inbound and domestic visitor landscape across the nations - designed to help inform your business decisions, expand your expertise and identify key growth markets. These resources cover a wide range of topics, trends ...

  11. Tourism in the United Kingdom

    Tourism in the United Kingdom is a major industry and contributor to the U.K. economy, which is the world's 10th biggest tourist destination, with over 40.1 million visiting in 2019, contributing a total of £234 billion to the GDP. [1] [2] £23.1 billion was spent in the UK by foreign tourists in 2017. VisitBritain data shows that the USA ...

  12. News Article

    The annual EIR from the World Travel & Tourism Council (WTTC), which represents the global Travel & Tourism private sector, shows the sector's contribution to GDP, dropped by a precipitous 62.3%. Travel & Tourism GDP fell from £238 billion (10.1%) in 2019 before the pandemic struck, to just £90 billion (4.2%), a mere 12 months later, in 2020.

  13. PDF UK Tourism Scenario Forecasts

    The loss in T&T GVA accounts for 36% of the total GVA contraction in the UK in 2020, demonstrating the disproportionate impact of the pandemic on travel & tourism activity. In 2021, direct T&T GVA will begin to recover but will remain 53% below 2019 levels, contributing 1.9%pts to the wider economy. Prolonged restrictions on the T&T sector ...

  14. Leisure and tourism

    From International Passenger Survey (IPS), quarterly data. Annual estimates on visits and spending in the UK by overseas residents, by purpose and region of visit. New methods were introduced for producing the 2019 estimates and where back dated to 2009. The datasets presented since then contain estimates produced using the new method.

  15. UK Tourism Statistics 2023

    It's forecast that the number of visitors to the UK could reach 35.1 million in 2023. The total contribution of travel and tourism to the UK's GDP increased by 40% from 2020 to 2023. The average Briton took 3.6 holidays in 2022. UK tourism is predicted to account for 8.93% in 2028.

  16. Travel and tourism spending share by type UK 2022

    Published by Statista Research Department , Jan 30, 2024. Leisure travel accounted for the highest travel and tourism spending in the United Kingdom in 2022. That year, the expenditure on leisure ...

  17. Economic Impact Research

    WTTC's latest annual research shows: In 2023, the Travel & Tourism sector contributed 9.1% to the global GDP; an increase of 23.2% from 2022 and only 4.1% below the 2019 level. In 2023, there were 27 million new jobs, representing a 9.1% increase compared to 2022, and only 1.4% below the 2019 level.

  18. Here are the top 10 economies for travel and tourism

    The US has retained its top spot as the best economy for travel and tourism. Image: World Economic Forum . But the index also shows that while 71 of the 119 economies it ranks improved their scores between 2019 and 2023, the average improvement is just 0.7% above pre-pandemic levels.

  19. How Does Tourism Contribute to the UK Economy

    Economic Contribution: Tourism is a major contributor to the UK economy, generating billions of pounds in revenue annually. The money spent by tourists on accommodation, dining, transportation, shopping, and attractions directly boosts local businesses and stimulates economic growth. Growth and Development: The tourism industry has the ...

  20. PDF jobs and growth The economic contribution of the tourism the UK

    The 'direct industry' (businesses providing tourism related goods and services) is 4.1 per cent of UK GDP The tourism economy has continued to deliver a significant 'direct' contribution to the UK economy. It currently delivers £58.0 billion in GVA which accounts for 4.1 per cent of UK GDP.

  21. Economic activity and social change in the UK, real-time ...

    Early data on the UK economy and society. These faster indicators are created using rapid response surveys, novel data sources and innovative methods. These are official statistics in development.

  22. Gross Domestic Product (GDP)

    Monthly real gross domestic product (GDP) is estimated to have grown by 0.4% in March 2024, following growth of 0.2% in February 2024 (revised up from 0.1% growth in our previous publication) and an unrevised growth of 0.3% in January 2024. Real gross domestic product is estimated to have grown by 0.6% in the three months to March 2024 ...

  23. UK inflation: How does the UK compare with other economies?

    The IMF did indeed predict, external that the UK economy, as measured through its gross domestic product (GDP), would be 8.8% bigger by the end of 2029 than at the start of this year.

  24. Money blog: UK's best pub chef shares amazing cheap pasta recipe; beach

    People are spending more on holiday than they were two years ago, the latest data from ABTA Travel Money has shown. On average, UK travellers are spending £369 each during a short break abroad ...

  25. Growth across UK business dips in May, in early blow to Sunak, PMI

    S&P Global said the survey was consistent with economic output growing at a quarterly rate of 0.3%, down from the better-than-expected 0.6% expansion seen in the first quarter. New orders expanded ...

  26. Productivity flash estimate and overview, UK

    GDP quarterly national accounts, UK: October to December 2023 Bulletin | Released 28 March 2024 Revised quarterly estimate of gross domestic product (GDP) for the UK. Uses additional data to provide a more precise indication of economic growth than the first estimate. Public service productivity, quarterly, UK: October to December 2023