- The number of bookings to holiday homes in the North West were up 40% in 2021, compared with 2019, and are 44% higher in 2022 versus 2019
- More than £1.5 billion was spent by tourists staying in short-term holiday accommodation in the North West last year, with the sector injecting nearly £1.8 billion into the region’s economy
- Looking at Lancashire specifically, bookings have grown 53% this year vs. 2019 and were 30% up in 2021 – with Carnforth, Clitheroe, Blackpool, and Lytham the county’s most popular places to visit
According to a new economic report, the amount of money spent by those visiting short-term holiday lets in the North West reached a record £1.5 billion last year1, according to a new economic report.
Amid the pandemic and continued overseas travel restrictions, tourists spent a total of more than 10 million (10,131,000) nights in short-term accommodation across the region in 2021 – up from 7.3 million in 20202. The majority (70%) of these nights were in holiday homes within rural areas.
As a result, the short-stay tourism industry injected almost £1.8 billion into the North West’s economies last year alone, including via spending with local companies, job creation and tax revenues. This economic impact represented 0.9% of the area’s entire Gross Domestic Product (GDP) in 20213.
The analysis, conducted by Oxford Economics on behalf of Sykes Holiday Cottages and The Short Term Accommodation Association (STAA), was undertaken to reveal the economic impact of short-term holiday lets across the UK over the last few years.
Holidays to Sykes’ holiday lets throughout the North West were up 40% last year compared with 2019 and are 44% higher to date this year versus 2019.
Meanwhile, bookings to Lancashire increased by 30% last year vs. pre-pandemic and are 53% up in 2022. This year, Carnforth, Clitheroe, Blackpool, and Lytham are proving to be the county’s most popular travel spots.
As a result of this growth in tourism, more than 32,500 people throughout the North West are now employed in jobs linked to the short-term let industry4 – whether that’s directly as hosts or in restaurants or tourist attractions.
The sector supported nearly half a million jobs in the UK in 2021. This equates to around 12% of tourism employment and 1.4% of total jobs within the country.
In total, the short-term let industry contributed £27.7 billion to UK GDP in 2021.
Graham Donoghue, chief executive of Sykes Holiday Cottages, said: “This report is the most in-depth study that’s ever been conducted on the impact of the sector and really demonstrates the importance of short-term lets to regional economies across the country – particularly in rural areas.
“The industry supports local jobs and pours in millions of pounds of guest spend annually, with visitors opting to eat at local independent pubs and restaurants, explore little-known tourist attractions, and spend their money on holiday souvenirs.
“We’ve made it our mission to ensure the sustainable growth of the sector. This includes working closely with stakeholders, including holiday-homeowners, to ensure properties are let in a responsible way that benefits local communities, instead of second homes laying empty.
“With the popularity of staycations not expected to subside anytime soon, there’s every reason to believe that the positive economic impact of short-term lets within Lancashire will remain equally strong in the years to come.”
More information can be found at https://www.sykescottages.co.uk
