A new study conducted by short team loan provider, Wonga, has revealed that 93 per cent of Britons are going on at least one staycation break every year.This amounts to spending a whopping £13 billion a year on UK holidays.
The choice to stay in Britain, comes in part thanks to the struggling pound against the euro.
Holidaying in eurozone destinations will mean having almost £20 less in euros, based on a £500 currency transaction, Post Office Travel Money revealed.
But what are they spending their holiday money on? Accommodation is by far the biggest cost involved in staycations, averaging around £175.14 per trip.
Alcohol also features on the list, with the average male spending 14 per cent of their staycation budget on beer.
On the flip side, females prefer to oft for bubbly prosecco, making up roughly 7 per cent of their holiday budget.
The study also revealed that the over 55s are the most spontaneous, likely to book a UK trip less than a month in advance.
The West Midlands is home to the greatest planners, with residents organising their staycations the earliest, versus the South West region the latest.
When it comes to sticking to a budget, women are more likely to go over their planned holiday allowance, with 79 per cent admitting they are prone to overindulging.
However, men are nearly twice as likely not to set a budget at all, making it rather difficult to gauge their overspending.
UK head of marketing at Wonga, James McMaster, 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.
“However, some elements of staycations can be expensive and may not be initially factored into a holiday budget.”
With the cost of UK staycation destinations rising, Britons are searching for cheaper options at home. The city of Lincoln recently saw a 285 per cent increase in demand for holiday stays, Express.co.uk reported earlier this week.
Burton-on-the-Water in Gloucestershire and Sheldon in Devon are also surprise favourites, where the average holidaymaker can expect to spend under £50 per night on accommodation.
With more of Britons planning on holidaying in the UK than ever, is it worth buying travel insurance in the UK? Whilst the NHS is a safety net for many, travel insurance is not purely medical and covers a range of eventualities including cancellation and loss of personal possessions.
