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Steady Q4 growth forecast for UK inbound tourism
Inbound tourism trade group UKinbound has released its latest Business Barometer results, indicating bookings and revenue yields will hold steady or grow in the last quarter of 2024.
The survey, undertaken by Qa Research last month, asked members to assess anticipated business in the latter half of the year (October, November and December), in comparison to the same period in 2023.
Nearly half (45%) of businesses stated they expected revenue yields to be about the same in Q4 2024 compared to Q4 2023.
Also, 41% expect revenue yields to be higher by an average of 13%.
Around one-quarter expect booking/visitor numbers to be higher by an average of 19%, the survey found.
The US continues to be one of the best performing markets for the UK, with 30% of respondents continuing to experience growth, although it has slowed down over the course of 2024.
Additionally, the Chinese market is showing signs of recovery, with 12% (just over 1 in 10) members reporting growth.
Confidence amongst businesses has risen by 3% compared to July, with 63% feeling confident about the next 12 months.
Members cited the steady influx of business across the year as a key driver of confidence.
However, this is lower than the 73% high of 2023.
When asked to consider key barriers to growth, 59% of respondents stated economic conditions, such as rising costs, while 29% cited the UK’s international competitiveness.
Staff recruitment and retention was also a concern among 23% of members.
Joss Croft OBE, CEO of UKinbound said “2024 is shaping up to be a stable year of growth for the UK’s inbound tourism industry. “
“We are continuing to see international visitors choose the UK and visit destinations up and down the country in all seasons of the year.”
Croft said 2024 inbound visitor numbers to the UK are forecast to be 95% of pre-pandemic levels with spend at 92% (adjusted for inflation).
Still, challenging headwinds remain such as rising costs and staff recruitment and retention.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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