A recent survey by BDO indicates that despite the cost of living crisis, UK consumers are not cutting back on travel plans in 2024. Key insights include:
Strong Travel Intent: 87% of UK consumers plan to travel, with 63% opting for domestic trips, 61% for international, and 36% for both.
Increased Spending: Consumers intend to spend more on travel than in 2023, primarily due to price rises.
Shorter, More Frequent Trips: There's a trend towards more frequent but shorter holidays, particularly among Gen Z travelers.
Popular Destinations: Spain leads for overseas travel, while the southwest of England is the top domestic choice.
Gen Z Driving Growth: Younger consumers are driving much of the increase in travel spend, potentially due to being less affected by rising housing and energy costs.
This data suggests resilience in the travel industry, with consumers prioritizing experiences over material goods. Businesses in the hospitality and leisure sectors may find opportunities by catering to the preferences of Gen Z travelers, who are increasingly influential in shaping travel trends.
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