Three quarters (74 per cent) of the 3,000 respondents to a Travelodge survey will take a ‘staycation’ this year, compared to 33 per cent in 2010 and 65 per cent last year.
And as individual average spend reaches £430.33 (up £31.05 from last year), the total value of the staycation market could reach £15bn in 2014 (up £3.2bn).
The report also revealed that 51 per cent of Britons are taking lots of short breaks throughout the year, creating a constant stream of holidays rather than one big break. Among them, 34 per cent will take two short breaks, 37 per cent will enjoy three, and 12 per cent will take four.
In terms of locations, 40 per cent of respondents plan to take a seaside holiday this summer, overtaking city breaks in 2014. Top coastal destinations include Cornwall, Devon, Blackpool, Brighton, Scarborough, Bornemouth and Whitby, but 17 per cent of holidaymakers revealed they will hit multiple locations during their break.
Despite losing first place, city breaks are still popular, with 37 per cent of Britons taking one this year. London, Edinburgh and York are among most popular city locations.
Finally, 28 per cent of holidaymakers will take a rural break this summer with the Scottish Highlands and Lake District as the favourite destinations.
Peter Gowers, Travelodge chief executive, said: “2014 looks like being the year of the Staycation. More of us than ever before are being inspired to get up and go and explore what Britain has to offer. At Travelodge, we’re seeing particularly strong demand from families and couples having multiple short breaks rather than the traditional fortnight. It all points to the fact that the nation's desire for a great holiday is still with us, but more than ever, we're all looking for great value and finding it here in the UK."
Value came out as more important than location, images and feedback when booking a holiday, with 22 per cent of holidaymakers citing it as the thing that most influences them (20 per cent opted for location, 14 per cent for pictures and images, 12 per cent chose online reviews and 10 per cent word of mouth from friends and family). However, a third (32 per cent) revealed that they use TripAdvisor reviews before making a booking.
And for over half (52 per cent) of Britons, holidaying at home offers much better value than going abroad, as the average foreign break costs £1,114.
Top staycation destinations for 2014
- Scottish Highlands
- Lake District
- North Wales