Study of consumer sentiment by Holiday Extras finds resilient enthusiasm for travel
Customers will carry out more research to offset cost of living concerns
The looming economic downtown and cost of living pressures are failing to dent the nation’s enthusiasm for holidays, a new poll suggests.
More than half of consumers (54%) expect to carry out more research to make sure they are saving money and getting value out of every trip, with 17% doing so already.
As many as 49% are likely to swap to cheaper destinations, while 40% would switch at least some of their usual overseas holidays for a UK break – more than twice as many as actually did so during the last recession in 2008.
While 40% said they would likely wait for a last-minute deal, the study by Holiday Extras confirmed that holidays remain a top spending priority.
More than a third (40%) of 1,000 recent UK air travellers asked said they would be likely to cut back on other household expenses to make sure they still got their holiday.
The recession of 2008 lasted longer and cut deeper than the Bank of England’s forecasts for the upcoming slump – a duration of 15 months with GDP down by 2.1% – and saw demand for overseas holidays fall nearly 20% and more than half of those cancelled overseas trips swapped for UK breaks.
Holiday Extras chief growth officer David Norris said: “The Bank of England may be warning of recession, but UK holidaymakers remain determined to get away next year regardless.
“More research, cheaper destinations and cutting back elsewhere look like the main ways people will be stretching their budgets to make sure they get a break, with some people opting for a UK break instead or waiting for a last-minute deal.
“We’ve seen people taking steps to get the most out of their holidays already this year. The average length of a trip has risen significantly as people book longer breaks to make the most of their time off, and a lot of cheaper destinations have also rocketed in popularity – the Greek islands, Albania and Zadar in Croatia have all shot up this year, but the biggest winner this summer has been Turkey where a weak lire, cheap flights and reliable weather have made it the UK’s fastest-growing holiday spot.”