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56% Brits Report Cost of Living Crisis Will Stop Them Holidaying Abroad

New research from QuMind exposes another difficult year ahead for the travel and tourism industry.

London, UK, 28 November 2022 – Despite travel restrictions lifting, 41% of Brits report they won’t be able to go on holiday at all as a result of the extra costs, according to our recent research.

The greatest factors influencing a further fall in travel and tourism are the increased travel prices (59%), cost-of-living (56%), energy prices at home (51%) and the depreciation of the pound (48%).

Spending Decrease to Continue into 2023

The data exposes that the strain on the travel and tourism industry is likely to continue into next year, as already in 2022, more than two in five (41%) Brits reported spending less on travel and tourism compared to previous years.

To achieve their plans to spend less, Brits plan to make savings on their holidays by:

  • Going on less holidays (56%)
  • Planning more holidays in the UK (50%)
  • Booking their trips early (45%)

“Knowing that consumers are reducing their travel spending further, it is crucial that travel and tourism brands adapt to the needs of their customers. For example, with nearly half of Brits trying to keep “business as usual” as far as possible by planning ahead and buying their holidays earlier, brands really to start offering 2023 deals now.” 

Mark Ursell, CEO of QuMind

Extras Appeal to Customers

Consumers have been clear that the perks that are offered are important when shopping for holidays. When asked what travel companies could do to make a holiday more attractive, the top three things Brits want are: 

  • Meals included (18%)
  • Free cancellation (18%)
  • Free hotel upgrades (15%)

“Travel and tourism companies face the challenge of not only finding out what their customers want, but also how to deliver that offering for a competitive advantage. There is a great opportunity for those in the industry who can personalise experience according to the needs of individual customers and offer extra incentives will be the ones to reap the rewards of repeat business and customer loyalty.”

Mark Ursell, CEO of QuMind

Consumers Appreciate Communication

Additionally, the data found that when it comes to receiving deals, consumers want to receive the information directly – with more than a third of consumers wanting deals from airlines and hotels to come to them via email (39%), with 23% reporting they like to receive personalised discounts

The way consumers are advertised to also makes a difference in the travel and tourism industry. Social media ads were popular among those under 45s (31%), but influencers were of interest to few above the 18-24 age bracket (8% for 25+ compared to 22% for 18-24s). 

* This insights research was conducted by QuMind in October, 2022. It surveyed a nationally representative sample of 1,001 consumers across the UK


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