2/3 of Travellers Say Increase of Living Costs Will Have an Impact on Their 2023 Holiday Plans
The increasing costs of living is the main factor that travellers in the United Kingdom fear will affect their holiday plans in 2023, shows a new report by the World Travel Market (WTM) London.
In a press release issued on November 7 regarding the report, WTM points out that two-thirds of adults that took part in a survey said that the most likely factor to have the biggest impact in their 2023 holiday plans is the increasing cost of living, or as many as 66 per cent, while one in four said that petrol price was a major concern.
“Rising bills have far more of an impact on holiday plans than worries about Covid-19 rules or infection rates (20 per cent); other global health emergencies (11 per cent); the war in Ukraine (14 per cent); airport chaos (16 per cent); Brexit (12 per cent) or enhanced UK/EU border checks (13 per cent),” the press release points out.
The report has found that the least worrying factor is climate change, as only 9.7 per cent of the survey participants ticked this factor as one that could have an impact in their travel plans for next year.
When it comes to the gender of travellers, women are more worried about the increasing cost of living affecting their plans rather than men, respectively 73 per cent with 58 per cent.
Middle-Aged Travellers Are More Worried Cost of Living Will Disrupt Their Plans
As per their age, those between 24 and 65 seem to be more worried about the increase in cost of living and the way it will affect their holiday plans, than those younger and older than these ages, as follows:
- 51 per cent of travellers between 18 and 24 are worried that increasing cost of living will affect their travel plans
- 73 per cent of 35-44 age group
- 72 per cent of 45-54 age group
- 54 per cent of over 65 age group
The amount of money spent also varies between the age groups.
“When asked about the budget for their 2022 holiday compared to their 2019 holiday, respondents were almost equally split, with 31 per cent saying they spent less; 34 per cent spending more and 35 per cent spending about the same,” the press release notes.
While only 14 per cent of those older than 65 claim that they spent less in their 2022 holiday, a higher share of 24 per cent of 55-64s claim the same.
The highest share of those saying they have spent less in 2022 when holidaying is the age group of 25-to 44-year-olds, with 40 per cent of 25-34s and 35 per cent of 35-54s saying they spent less.
The study also reveals that the issue of increasing costs of living has made travellers more aware of the currency exchange rates when it comes to choosing a holiday (56 per cent), while 35 per cent claim that exchange rates are not a factor for them, when choosing where to holiday.
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