Although the economy in the UK has recently seen a slight upswing, this Christmas may be tough on business as British residents brace themselves to spend less during the holidays.
Travelodge Hotels, a UK-based company that owns and operates hotel properties, has reported that the UK economy will suffer by around £514m in this year’s festive season, as British travellers decided to have a low cost Christmas.
A recent survey conducted by the hotel chain, said that only around 15 percent of respondents felt like they were out of recession. Around 48 percent of respondents said that they are feeling the financial squeeze more in 2012, compared to previous periods of recession. British holidaymakers are likely to spend an average of £481.88 this festive season, £19.53 less than Christmas 2011, and around £100 less than Christmas 2007.
Britons are expected to travel around 99 miles to spend Christmas with a family member, said the survey, with around 25 percent of respondents having already finalised their festive dinner destination, around seven weeks before Christmas day.
Shakila Ahmed, the spokesperson for Travelodge, said, ‘Our findings have revealed encountering the hardship of the recession has certainly turned us into a savvy nation of smart shoppers.
This year, Britons are definitely planning their Christmas way in advance. Since the summer we have seen a surge in room bookings across the UK for the festive season. Savvy Britons who are spending Christmas with family and friends have taken advantage of our great deals on cheap hotels with rooms from £19, so that they have more money to spend on presents.
Britons are certainly shopping much smarter and it’s evident that getting value for money is top of the shopping list.’