British travellers are willing to spend nearly £13bn a year on staycations, according to new research.  ‘Staycations’, short breaks taken in your own country, are on the rise, with an increasing number of Brits opting to holiday closer to home. The research revealed that the average budget for staycations is £267.93. With 93% of the population going on at least one UK break each year, this means that Brits are prepared to splash out £12.9bn annually on staycations.

The study found men are willing to spend up to 6% more on staycations than women (£276.69 vs. £260.81). Women are more likely to go over their planned budget, with 79% admitting they are prone to overindulging. However, men are nearly twice as likely not to set a budget at all, making it rather difficult to gauge their overspending.

Accommodation is by far the biggest cost involved in staycations, averaging £175.14 per trip. The research from Wonga found that while only a quarter of 18-24s are likely to stay in a hotel (25%), they are the most likely to use online room-letting service Airbnb (18%).

Alcohol makes up 14% of the average male staycation budget, but only 7% of the equivalent female fund, with beer the firm favourite for males and females favouring prosecco. People in Northern Ireland spend the most on both dinner (£51.24) and beer (£42.03), while Londoners are the biggest prosecco spenders (£20.64) and activities (£42.18).

It appears that men are more spontaneous when it comes to planning staycations, with 11% booking their trips less than a month in advance, nearly twice as many as women (6%). Surprisingly, the research found that millennials are the most organised staycation bookers – more than one in ten book over a year before they travel (11%). This contrasts with over 55s, who were found to be the most likely to book last minute (11%).

The West Midlands is home to the greatest planners, with residents here organising their staycations the earliest. The top five regions who book trips over a year in advance are: West Midlands (10%); Northern Ireland (9%); Wales (8%); London (7%); South West (6%).

James McMaster, Head of Marketing in the UK at Wonga, said: “Our research shows that staycations are incredibly popular in Britain. Nearly a quarter of people are taking UK breaks with five or more friends and by splitting travel costs among a group, people can save money.”