The cost of living crisis is a global issue we can’t escape. It’s present every time we open a newspaper, scroll through social media, or have a coffee with a friend.
From soaring energy prices to rising food costs, the whole world is feeling the effects on their pockets as many struggle to make ends meet.
But, how does this crisis impact the travel industry? There has recently been a surge in post-pandemic vacation bookings, with lots of travelers keen to make up for lost time. However, while you may usually search Google for vacations based on the destination that appeals to you, this year it’s budget that is deciding where tourists head next.
Over 15% of people have scrapped their travel plans, due to this rise in the cost of living. Unfortunately, so many have not had a pay rise that matches their increase in living expenses, making them unable to afford their plans.
The World Travel Market records that 64% have already booked a break for next year. However, luxury vacationing is off the cards. In order to afford a vacation, travelers are turning to budget airlines, such as EasyJet and Wizz Air as a way of lowering the costs of their trip.
Accommodation is another compromise travelers have made to make their vacation more affordable, with over 20% of holidaymakers choosing to downgrade their room.
Travelers appear to be willing to cut down on vacation expenses in some ways, but not others. While extra leg room, a bigger baggage allowance, and luxury accommodation are all factors the general public is willing to abandon, good weather and close proximity to attractions were still at the top of their priorities.
While putting money aside for bills is fixed in the minds of most, many people understand the positive impact that foreign travel has on their minds and souls. Almost half of those surveyed booked a vacation as something to look forward to. And, with a dire winter looming, who can blame them?!