Two thirds of Brits still plan to take holidays despite cost of living rise

Research by leading online travel agent Travel Republic has revealed that the majority of Brits still plan to go on holiday in the next 12 months – despite 92% of respondents admitting to anxiety about rising economic woes. Over two thirds of those questioned (68%) stated they still plan to head for the sun in the foreseeable future, even if they spend a little less when they do so. Just 10% don’t plan to travel at all due to concerns about household bills.

Travel Republic’s research was undertaken to gauge current sentiment about holidays ahead of its new ‘Anywhere is Possib-haul with Travel Republic’campaign to promote long-haul travel this winter. In a bullish response to the questions, nearly a third (30%) of its customers said they don’t expect rises in the cost of living to impact their holidays plans at all, with just over that number (36%) stating they’ll still travel but plan to spend less than they have previously done so.  Almost a quarter (23%) will still take holidays but expect to reduce how many.

But whether taking one holiday or more, managing the financial impact of getting away is an important factor for Brits as they head in to the so-called ‘winter of discontent’ in the UK. Being able to pay in monthly instalments was identified as an attractive option by 59% of those surveyed - an option offered by Travel Republic - followed by choosing their holiday based on the lowest price (48%). 

When asked why they want to take a holiday, respondents listed sightseeing, relaxing on an exotic beach and exploring new cultures as their top three reasons overall, underlining that the last two years of the pandemic has left people wanting to escape and that holidays can offer that perfect antidote to daily life.

Regionally, Northwest residents showed they’re a slightly more sociable bunch with the top reason (51%) for going on a dream holiday was to socialise and have fun, whereas in the Southeast, only 39% put that reason at the top of their list.

It’s unsurprising then that long haul destinations like the Caribbean (46%), the Maldives (34%) and the Seychelles (27%) – all famed for their blissful beaches, slow pace of life and capacity to enable visitors to unplug – topped the list for most desirable destinations, emphasising that Brits are ready to get a long way away from it all.

Antonio Fellino, Travel Republic’s managing director, said: “This research tells us that the appetite for holidays is strong, and that consumers are still prioritising taking a well-deserved holiday somewhere exotic in the foreseeable future, despite the rising cost of living. 

“What’s also interesting is that 68 per cent of those surveyed say that taking a holiday is even more important during challenging times, and we get that.  As a nation our mental health and wellbeing has been truly tested over the last few years by the pandemic and now, with the economic situation.  Having a holiday booked, and especially a long-haul trip to somewhere you really want to visit, is what we all need right now, especially with the cold winter months fast approaching and worrying headlines about the increasing strain on family finances.

“We pride ourselves on the value for money of the holidays we sell, and customers can pay in monthly installments to ensure that getting the dream holidays they deserve is manageable. Holiday prices are very likely to be the lowest they will be right now, and there are some great deals to be had to get some Winter sun.  In our view prices are likely to rise, so with a small deposit and the option of a payment plan, we would encourage Brits to secure their dream holiday now.”