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With Brexit having been described as the most significant change in the UK for more than 70 years, the UK Travel Industry has been identified as one of the main industries to be affected. World Travel Leaders session will look in detail through the commissioned research from Euromonitor, at who might gain and who might not from the UK’s decision to leave the European Union.
The depreciation in the pound since the vote result will help to entice visitors to the UK in the immediate short term as international visitors will benefit from the favourable exchange rate for spending in-destination. Yet it has yet to been seen whether capacity will remain at its previous pre-Brexit levels with some airlines already reducing their exposure to the UK market. Destination branding and consumer desire to travel would be hit hard by the uncertainty Brexit would entail in the mid-term.
For UK outbound, in a Disorderly Brexit scenario, the biggest impact will be felt in 2017, with high levels of political and economic uncertainty leading to falling consumer confidence and a shift away from non-essential spending. The silver lining is that increased geopolitical uncertainty and deteriorating economic environment will lead many UK residents to opt for domestic trips instead of international travel to the benefit of key cities, national parks and other popular visitor attractions.
To find more about the session and gain access to WTM London, please visit here.
Euromonitor International partnering for the 11th consecutive year with World Travel Market London is pleased to reveal the emerging global travel trends identified by the WTM Global Trends Report on Tuesday 8th of November at London’s ExCel Centre.
To receive your free copy of WTM Global Trends Report on November 8th, please pre-register here.