According to villa holiday specialist CV Travel’s latest research on the Villa Holiday Market, when it comes to the British choosing holidays ‘Conspicuous consumption has given way to personal fulfillment’ and the words 'luxury' and 'luxury travel' have become almost meaningless’ as UK holidaymakers increasingly have high expectations of good service, and value for money, whatever their budget. The company concurs that the future of the villa holiday is not ‘bling fling’ but ‘austerity chic’.

CV Travel’s findings are presented in a comprehensive report, drawn from political, social, environmental, economic and technological sources, which presents the current market and predicts its likely direction. The report outlines population, socio-economic and technology trends, comments on the recent booking patterns among UK travellers and draws on published research to predict the future of the villa holiday market.

It concurs that concerns about airline failures, uncertainty about the economy and a trend to book later in the hope of securing a discount are all having an impact on UK holidaymakers’ holiday booking practices.

The severe economic situation has had the greatest single effect on outbound travel from the UK. The number of overseas visits to July 2009 by UK residents fell by 12% to 63 million, compared to the same period in the previous year. Visits to Europe decreased by 12% to 49.6 million and visits to North America fell 19% to 3.9 million. Visit to other parts of the world dropped 9% to 9.1 million.

Over 60% of British holidaymakers are reported to plan to holiday closer to home, 68% of travel is currently to EU countries, with a notable rise in travel to countries dubbed the `Costa del Kasbah’, Turkey, Egypt, and Morocco.

However, technology has made it simpler for consumers to research their holiday choices with over 70% of the UK population now having an internet connection and around 50% planning and booking holidays online.

CV Travel also reports that niche holidays such as activity, culture and learning a skill have all seen an upsurge in popularity as holidaymakers look for a more fulfilling travel experience.

Commenting on the future of the villa holiday industry, CV Travel concludes that value, not cheapness, is the dealmaker when it comes to choosing brands. Consumers now expect holiday rental properties to have Wi-fi, air-conditioning, iPod docking stations, satellite TV, and are increasingly making use of concierge services to arrange in-villa chefs, babysitters, drivers or to book golf, restaurants and spa treatments.

The report predicts increased interest in "New Europe’ and a growth in demand for villas in more exotic destinations. South Africa and New Zealand are expected to be popular destinations for 2010, CV Travel also quotes Richard Cope, Senior Travel Analyst, Mintel, who says that "34% of (British) consumers say they love travel, but hate travelling’ which bears out the continuation of the 2009 trend for UK holidaymakers to stay closer to home."

The report concludes that whereas in the past, "wealth used to be demonstrated by overt overstatement (bling), now the trend is towards understatement". CV Travel draws on published research that states ‘the flashier, mass-market approach to luxury generates less of a loyal following than the `more conservative, softer approach’ that the more sophisticated market prefers; that sustained growth is "through word of mouth - it's about providing a good, elegant product".