Though there is much good news to come and optimism for the future of travel in 2023, the impact of the cost of living crisis is still seeing an effect on future travel plans for consumers with reduced disposable income as a result of the recent financial crisis.
According to a new survey conducted by the Irish travel company, Click & Go, many of the consumers surveyed were looking at changes to their travel plans in 2023 because of their reduced disposable income. Though many travellers are still determined to travel in 2023 despite the cost of living crisis, many travellers are looking to spend less on their holidays to compensate for the change.
1,522 travel consumers responded to the survey conducted recently with over 80% of them and 87% of families stating that they are currently concerned about the increased cost of living due to their disposable income being ‘significantly reduced’ over the course of the last six months. This great reduction since July was recorded for 64% of responded and 74% of families, according to the survey.
Despite this great impact on their income, only 53% of respondents and 46% of families have actually changed their spending habits as a result. 50% of families and 40% of respondents have stopped some of their spending where disposable income is concerned.
66% of respondents to the survey and 77% of families claimed that they will have less spendable income for a 2023 holiday, though the demand for travel in 2023 is still very high. 31% of respondents and 18% of families said there will be no changes to the price of their planned holidays in 2023 despite this impact on their income.
In a rapidly adapting industry over the years of the pandemic, many travel businesses are making accommodations for the impact of the cost of living crisis. Some businesses are appealing more to cheaper but quality holidays, while others adapting deposit prices to give consumers the confidence to book now before it is too late.
Despite this impact on income, many consumers are still hoping for a great holiday in 2023, with the demand high in the calm after the Covid pandemic stranded many keen travellers at home. The great awareness that many travel businesses and consumers alike have developed for good financial security surrounding travel after Covid is an advantage as we deal with the cost of living crisis and many Protected Trust Services (PTS) members are displaying the great financial protection they offer through PTS, so their consumers can still have the confidence to book a great holiday for 2023 despite these hurdles.
So, if you’d like to learn more about how your consumers’ monies are protected with Protected Trust Services (PTS) and how we support excellent travel businesses, check out our pages. Or you can get in touch with the lovely PTS team by calling 0207 190 9988 or emailing us at ask@protectedtrustservices.com.
