That's the estimation made by budget hotel operator Travelodge, who found that 41 per cent of the 5,000 adults it questioned for its Annual Holiday Index were planning to holiday at home this year compared with 35 per cent in 2011.
With the average cost of a week's holiday in the UK now costing £433.47, Travelodge estimates that £87bn could be spent within the hospitality and tourism sectors this year, an extra £1.5bn than last year.
Travelodge chief executive Grant Hearn said: “It’s fantastic news that the staycation is going to be bigger than ever this year despite British household budgets being attacked by a second recession.
“2012 is such a momentous year for British tourism and it’s a great bonus that the economy will be further boosted by £8.7 billion due to more Britons holidaying at home this summer”.
However, research also found that 65 per cent of people had made financial sacrifices in other areas, such as not going out for meals or for a drink, in order to afford their holiday, meaning restaurants and bars may not be any better off in the long-run.
Almost half of holidaymakers have also waited until now to book their summer break because of financial issues and 36 per cent of families are considering replacing the traditional one-week holiday with three shorter breaks so that their children believe they have gone on lots of holidays.
"Our research highlights even in difficult financial times, Britons will make the necessary sacrifices in order to have a summer break. I guess everyone needs something to look forward to during these difficult times," said Hearn.
With regard to destinations, a third of those surveyed said they would be holidaying by the sea while 30 per cent are planning a city break and 25 per cent a trip to the British countryside. Just 10 per cent said they would be taking a holiday at a theme park.
Top 10 staycation destinations for 2012:
- Lake District
- Scottish Highlands
- North Wales
- Yorkshire Dales