The cost-of-living crisis continues to bear down on people across the UK, with further bad news this week thanks to a higher than expected level of inflation.
With fears that interest rates could hit 5 per cent, and doubt cast on Prime Minister Rishi Sunak’s promise to halve inflation by 2024, it’s a rather bleak time for many Britons.
And yet, in spite of this gloomy financial outlook, people are still spending money on booking holidays, even as they cut back on meals at restaurants and clothes shopping.
I see it an opportunity to see the world, connect with loved ones and remember there’s much more to life than work
Sophia
Last week The Independent reported that money spent on flights and holidays actually rose in the first three months of 2023 compared to the previous year, according to new research.
The figures appear to show a trend towards more budget-friendly options, with spend with low-cost airlines rising faster than the rest of the industry. EasyJet said this week that its revenue per seat has risen by 42 per cent in the six months until the end of March.
While the latest data from banking app Revolut offers a similar picture over holidays – a 91 per cent jump in bookings by their customers when comparing January 2023 to the same period in 2022 – its findings suggest travellers are opting for longer breaks and spending more. However, this could be explained by the fact that, since the removal of the majority of Covid-19 travel restrictions, the cost of living in general is higher.
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Price consideration is the “main priority” for potential tourists in 2023 who look to make “better, informed decisions about their discretionary spend,” Naomi Hahn, vice-president of strategy at Skyscanner, told The Independent.
Recent polling of customers by the travel search engine showed that 41 per cent are planning to take the same number of holidays this year as they did in 2022, with one-third thinking of upping their time away; just 7 per cent are planning to holiday less.
Holidaymakers “continue to prioritise adventures abroad and embrace travel freedoms with relish,” said Ms Hahn, adding: “For those who don’t see [rising prices] impacting their plans, the resounding reason cited is that they have decided to prioritise holidays over other big-ticket items.”
London-based Sophia, 29,…
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