A new study by Go.Compare has found that a quarter of Brits will scrap or reduce their holidays in 2024 due to the cost of living crisis. The report shows that over half would change their plans if holiday costs increased even further. It also reveals how many people have changed their plans because of last year’s travel disruptions.
A new poll has found that over a quarter (26%) of Brits have had to reduce or completely scrap their plans for a holiday this year as a result of the ongoing cost of living crisis.[1]
The findings come from a survey of 2,000 holidaymakers, which asked respondents about their travel plans for 2024 and how recent events have impacted them. The results showed that the cost of living crisis still affects Brits’ getaways, suggesting that holiday sales could see a downturn in 2024, although opportunity remains for those offering budget breaks.
While most are still able to go on their trips, the survey, run by Go.Compare, discovered that over a fifth (22%) will need to spend less. In fact, half (54%) said their getaway would be impacted further if prices were to continue rising in 2024, while only 2% said they planned to spend more.
Clearly, Brits still want their annual break but will be searching for more affordable options.
The younger generations have been the most affected by this, with nearly a third (30%) of millennials needing to spend less on holidays.
The report also revealed that 37% of millennials will be reducing their holidays or not travelling at all in 2024, suggesting they have other priorities to save or spend for.
Money was also a leading factor when choosing accommodation, as the report found that almost two-thirds (65%) of Brits base their decision on cost when booking a hotel. When so many people have had to cancel their 2024 holidays, it is understandable that cost is such an important factor.
In contrast, last year’s travel disruptions, from wildfires to airport strikes, appear to be the least of Brits’ worries. A staggering 89% said their plans for 2024 have not been affected by 2023’s summer of chaos.
Manon Jones, travel expert at Go.Compare says, “As we move into 2024, travellers will be looking for bargains and cheaper options during the ongoing cost of living crisis. Travel remains a priority for many Brits after Covid-19, but they might have to think differently about their holiday plans if costs rise again.
“The industry can take comfort that such a large proportion of the UK is undeterred by this year’s disruptions, yet a handful of travellers might not want to take that risk again in 2024. Some Brits are wondering if their holiday plans will be affected again this year, which might have impacted confidence when planning next year’s trips.
“It’s difficult to predict how things will pan out in 2024, so while travellers might be looking to spend less, it’s important not to cut back on insurance. Getting cover will be more important than ever during unpredictable times, as it provides that extra bit of security when booking a holiday and could save cash in the long run.”
More information about this research can be found on Go. Compare’s website.
[1] In order to collect the data used in this report, we conducted a survey of 2,000 UK residents via YouGov. The survey was run on 7 October 2023, and all responses were selected at random. Unless otherwise stated, all statistics featured on this page are sourced via this survey.
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