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Through extensive research and a wealth of leisure industry knowledge, Lodge Quest has identified several trends in tourism which lead to an increasing demand for lodge rentals in the UK.
Changes in UK population and demographic over the coming decade will have significant impact on the leisure industry for a variety of reasons and will create unique and exciting opportunities for investment.
Due to the current economic climate, financial institutions are offering low yield, unpredictable returns on cash deposits. Meanwhile, lodges offer a stable property-based investment with up to four times more returns, due to the high rental value of domestic holiday properties.
“In 2013 £18.7 billion was spent by British residents on domestic trips”
– Visit England
According to Visit England, the appetite for UK “staycations” and domestic leisure products is on the increase and, combined with the ease of access to information offered by modern technology, has revolutionised the way people research and book their holidays.
This information shift is allowing UK destinations to become more widely known and is supporting the “last minute” trend which encourages people to look a little closer to home.
The prolonged economic downturn has provided an unexpected boost for domestic tourism, with consumers exchanging holidays abroad for domestic trips – and more than half of people who made this switch in 2013 agreed that is made them want to take more holidays in England.
Busier lives create a feeling of time pressure and people are striving to find a work/life balance. This pressure intensifies the need for short breaks and creates a reluctance for time to be “wasted” in airports or in travelling to reach a destination.
Over the next three decades there will be a growth in the number of older people and a rise in the average age of the country – an ageing society – meaning that accommodation and travel options which appeal to people with reduced mobility will be in great demand.
This sharp increase in the number of people who are over 80 will create a generation that is keen to go on holiday but potentially reluctant, or unable, to travel far – increasing the demand for domestic holidays.
“England is developing an incredible diversity of product – food, wine, different activities – it will continue to be attractive, and people are taking pride in this – they’re rediscovering their own back yard”
– John Koldowski, Pacific Asia Travel Association
The UK’s ageing society and the changes in the shape and composition of families will create a greater diversity of family types than the leisure industry has seen in the past. As grandparents (and even great-grandparents) become increasingly involved in family life and childcare, holiday accommodation will need to adapt to cater for an increasing number of intergenerational family holidays.
Lodges provide the perfect “home away from home” accommodation – comfortable whilst still being unique – that appeals to intergenerational families. Lodges also offer luxury country living with a contemporary twist, alongside an impressive 10 year warranty and minimal costs of upkeep and maintenance.
The next retired generation will be heavily comprised of “Baby Boomers” who are generally very leisure focused and more affluent than previous generations. Surprisingly, the recession has seen consumers prioritising their leisure spending ahead of other spending – a trend which is expected to continue. There is therefore potential for high return on investment, especially with Lodge Quest’s positioning in the high-end sector of the market.
By focusing on a luxury offering, Lodge Quest can ensure that lodges are rented for a highly attractive rate – meanwhile the high-end clientele who stay there are likely to be more discerning and have less impact on the unit.
The recession-led shift in consumer behaviour has developed a new trend of “self-preservation” – evident in consumers’ increasing ethical concerns and awareness about environmental issues. Consumers now expect businesses to meet basic environmental criteria – a benchmark that Lodge Quest is proud to surpass.
Lodge Quest appreciates that the “information explosion has created ever increasing expectations” (Peter Curtis, National Trust) and strives to exceed the hopes of its customers.
With extensive experience of the industry and an unrivalled rental management offering, domestic tourism with Lodge Quest is a safe, future-proof way to invest your money.