The TripBarometer study by TripAdvisor, is based upon an online survey conducted from 18 July 2017 to 20 June 2018 conducted by global research firm Ipsos. A total of 23,198 interviews were completed in 33 markets, spanning seven regions and included 1,808 respondents from the UK, who were quizzed about their most recent trip, including their destination, budget, activities and concerns while travelling.
The results showed the divide in spending habits between generations, with participating Baby Boomers – people born between 1946 and 1964 – spending almost three times as much on accommodation (£890) when compared to the younger generation.
Millennials – those born between the early 1980s and about the year 2000 – have the smallest accommodation budget by a significant margin, spending an average of just £390 on somewhere to stay, on their most recent trip.
However, while the younger travellers are more cautious with their money, they are just as willing as their older counterparts to pay for a little more luxury with more than half of Millennials (54%) and Baby Boomers (56%) prepared to up their outlay.
Meanwhile, between January and September 2017, there were 47m domestic holidays or ‘staycations’ in the UK, according to holiday comparison site Travel Supermarket.
Paul Nunny, director of pub accommodation booking site Stay in a Pub, predicts the increase in demand for accommodation could drive pubs to compete with hotels in the same way they’ve come to compete with restaurants on food.
Guy Simmonds managing director Stephen Taylor adds that well-run accommodation can reshape the fortunes of a business.
He said: “For the ‘right’ pub, in a good location, run by a professional operator, the addition of letting bedrooms can transform a modestly profitable unit into a highly lucrative, multifaceted business.
“Both wet sales and catering revenue should also be significantly enhanced as a consequence of the letting bedrooms essentially providing a ‘captive audience’.
“Also, assuming letting bedrooms culminate in the projected and expected revenue and thus increasing net profits for the overall business accordingly then the business valuation and asking price should also be proportionately enhanced.
“Pubs with letting bedrooms are especially sought after by our discerning purchasers.”