Economic recessions are never a good thing. But we believe that we have identified a strange silver lining with regard to the troubled UK economy. Of course, it is important to note that the economy has finally limped out of a deep, eighteen-month long recession. However, the numbers were not encouraging, as the economy only tiptoed ahead by a meager 0.1 percent.
But back to the silver lining. the word of the day is staycation. What is it? Well, it is a popular neologism that is being used mostly on the internet. By simply separating the words 'stay' and 'vacation', you can probably determine what the catchy portmanteau word means.
For UK travellers, of course, it means that instead of travelling overseas they would simply remain in the UK for their holiday. And the numbers clearly indicate that these types of vacations are on the rise. No longer are Britons booking skiing holidays in France or trips to Orlando, Florida. In fact, the numbers tell us that UK tourists are now spending ten percent less on overseas trips.
What this means for the UK is simple: increased tourist pounds from cost-conscious residents. For tourists who embrace this new trend, there are plenty of deals to be found. For instance, many vacation apartments and cabins in the countryside are offering substantial discounts for UK citizens.
It is also a fact that while the cost of overseas travel has increased by nearly ten percent over the past two years, travel in the UK has only appreciated by a mere three percent. For these reasons and many more, industry insiders believe that staycations will become the norm, at least until the economy rebounds.