A staycation is a vacation or holiday spent staying at home instead of going to some destination. It is a portmanteau of stay + vacation.
For some travelers, especially those who frequently go abroad, a staycation might mean a holiday or vacation spent in their home country, as opposed to an international trip.
A staycation is sometimes known as a holistay, a portmanteau of holiday + stay. Both staycations and holistays are examples also of neologisms.
See also: Laycation definition