The proportion of adults in Britain who have already booked a holiday for the year ahead or plan to do so bounced back strongly last year following huge uncertainty at the start of 2022, when the pandemic still had a profound impact on consumer behaviour.
In spite of the ongoing cost of living crisis, this resurgence still holds as we start 2024, with a slight increase in the proportion of consumers who say they have already booked a main holiday compared to this time last year and a similar number who say they plan to book one.
What is particularly encouraging for the travel industry, especially given the strains consumer finances are currently under, is that over a third of those who have booked or are planning to book a main holiday this year plan to spend more than last year.
That is higher than the equivalent figure at the start of 2023 (which was 31%).
However, this is not to say that the cost of living crisis is not impacting on how people holiday. Indeed, TGI reveals that 50% of adults who have booked or plan to book a holiday this year claim they budget carefully whilst on holiday, whilst 46% say they will go for lower cost travel options if it means they can extend their holiday as long as possible.
Those who intend to pay more than last year for their main holiday are particularly likely to engage with a range of media and advertising compared to the average adult who has booked or is planning a holiday. Engagement with magazine sites, podcasts and TV sponsorship all come out strongly.
