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July 19, 2018
LONDON, JULY 19, 2018 – Worldpay, Inc. (NYSE: WP; LSE: WPY), a global leader in payments technology, is predicting a continued rise in Brits choosing destinations outside of the UK and Europe for their annual summer break, indicated by a rise in higher spend per booking (up 10.9% on average year on year). This is coupled by a slight decline in the number of overall bookings (down 2.2% on average year on year) showing a trend to take one longer overseas trip rather than several mini-breaks.
With only a week to go until the schools finish for summer Worldpay are expecting a bumper month for travel bookings as bargain-hungry travellers look to snap up last-minute summer deals. An analysis of consumer spending patterns found that booking last minute saves an average of 7.5% off the total price when looking at bookings made in August 2017, compared to July 2017, highlighting that it pays to wait for those savvy travellers willing to be more spontaneous.
An analysis of consumer spending data from this summer revealed the biggest spikes in bookings to date were week commencing 18th June and week commencing 11th June, with an increase of 20.4% and 19.2% respectively. Reasons for the booking surges could be related to exams finishing, or parents with pre-school aged children looking to take advantage of the quieter holiday resorts.
Conversely the final week of June saw a slowing of sales, down 2.2% compared to the previous year with the heatwave perhaps encouraging consumers to hold off from booking. But July got off to a busy start, thanks in part to England’s World Cup semi-final. Worldpay’s data found flight bookings from the UK to Moscow surged by 330% following the team’s victory against Sweden, as football fans flocked to Russia.
Commenting on the data, Thomas Helldorff, Vice President, Travel & Airlines at Worldpay said: “With the summer holiday season just around the corner thousands of Brits will be looking to find themselves a bargain before school starts again in September. Looking at our data we predict a surge in last-minute bookings in August with holidaymakers taking advantage of cheaper prices on flights and accommodation, especially if we see a turn in the weather.”
About the data
Figures quoted are according to Worldpay’s Global eCom transaction data for airlines and online travel agents in the UK from 1st May 2017 until 31st August 2017 and 1st May until 10th July 2018.
Worldpay, Inc. (NYSE: WP; LSE: WPY) is a leading payments technology company with unique capability to power global integrated omni-commerce. With industry-leading scale and an unmatched integrated technology platform, Worldpay offers clients a comprehensive suite of products and services globally, delivered through a single provider.
Worldpay processes over 40 billion transactions annually through more than 300 payment types across 146 countries and 126 currencies. The company’s growth strategy includes expanding into high-growth markets, verticals and customer segments, including global eCommerce, Integrated Payments and B2B.
Worldpay, Inc. was formed in 2018 through the combination of the No. 1 merchant acquirers in the U.S. and the U.K. Worldpay, Inc. trades on the New York Stock Exchange as “WP” and the London Stock Exchange as “WPY.”
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