An overall incline in travel business performance has been noted recently with the travel industry showing the greatest step up over other industries in the UK for October 2022. This comes after a fall in the month of September that caused some concern due to specific events during the month.
The rebound in travel business performance in October comes has great news for the travel industry and its future as we step into 2023, following many end-of-year surveys showing that travellers are more eager than ever to fit in some great holidays despite the odds. Many consumers are looking to spend more on travel despite the rise in living costs and all-inclusives are pulling in more customers this winter than previously.
According to new data that was released by the Office for National Statistics (ONS) the travel business performance has shown a rise specifically through the monthly gross domestic product (GDP) which rose by 0.5% in October after it fell by 0.6% in September. The new data from the ONS also shows that the UK economy contracted by 0.3% between the months of August and October with high prices across all industries affecting businesses and households alike.
The ONS commented on this and said, “There were also positive contributions from travel agency, tour operator and other reservation service and related activities, which grew by 7.1% in October 2022 after a 9.7% fall in September 2022.”
Within the specifics of the data released by the ONS, it was shown that the monthly gross domestic product (GDP) for sports activities, amusement activities, and recreation activities all grew by 5.9% in October of this year. This comes following a fall of 8.2% for the same activities in September. It was clarified by the ONS that some of September’s activity was hit by the introduction of the additional bank holiday held for the Queen’s state funeral.
“Estimates for September 2022 were affected by the bank holiday for the State Funeral of Her Majesty Queen Elizabeth II, where some businesses may have closed or operated differently on this day,” said the ONS. However, despite this bump in September, it was shown that economic activity did slow for all primary industries in the UK including production, construction, and services over the course of this three-month period.
Following the tricky period, it is fantastic news to see so many elements of the travel industry receiving the boost it may have needed despite the rise in costs. From consumer demand to the hard work of many travel industry experts, the travel industry is looking forward to an optimistic 2023 despite any bumps in the road ahead.
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.
