TripAdvisor, today announced the results of the third instalment of TripBarometer, the world’s largest accommodation and traveller survey. This biannual study, conducted on behalf of TripAdvisor by independent research firm Ipsos, highlights country, regional and global travel trends, according to more than 61,000 travellers and hoteliers around the world, with over 5,000 respondents from the UK. Revealing changes in consumer spending plans and worldwide travel patterns, the TripBarometer also reports behavioural differences in planning and booking habits of travellers at different life stages.

The study revealed that British household holiday budgets are set to drop by seven per cent compared to 2013 figures.

The average yearly budget for holidays among British travellers has dropped to £5,016, compared to £5,381 in 2013. This is in contrast to the rising global average, which is set to increase three percent to £3,686 in 2014.

Nevertheless, Brits are still among the world’s biggest holiday spenders – with only those in Australia, New Zealand and Switzerland spending more on their yearly budget in 2014.

Despite falling budgets, British travellers are intent on stretching their pounds further as they plan more international trips. Ninety-one percent of British respondents are planning to travel internationally this year, up from 83 percent in 2013. Domestic travel is also on the rise, with ninety percent of Brits planning at least one domestic trip in 2014 (up from 86%).

The UK also takes the lead as the world’s most prepared travellers, with a fifth (22%) booking their holidays at least seven months in advance, more than any other nation. At the other end of the scale, 42 percent of Thai travellers and more than a third of Chinese (36%) book their trips less than two weeks before they travel.

“Exploration is back on the agenda in 2014, with more travellers planning international trips this year,” said Marc Charron, President, TripAdvisor for Business. “The TripBarometer study provides valuable insights for hospitality businesses looking to attract new audiences. Travellers are upping their budgets but they are looking for bargains, expecting their accommodation of choice to deliver on value. Special offers, complimentary amenities and exceptional service are all going to be important factors in swaying potential guests.”