UK holiday demand may have peaked amid cost of living squeeze, says travel industry
Summary
The UK travel industry says that the high cost of living is making fewer people plan holidays abroad next year. Although holiday numbers this year returned to pre-pandemic levels, many expect a slowdown because more people want to spend less on travel.Key Facts
- The number of UK holidaymakers in 2023 matched the 2019 pre-pandemic level at 88%.
- Domestic holidays in the UK reached a new high of 74%, and 62% took holidays abroad.
- Nearly one in three people plan to spend less on overseas travel next year.
- More travelers are booking holidays later and choosing shorter city breaks.
- Confidence in travel dropped slightly but recovered after fears linked to the US-Israel war and jet fuel shortages eased.
- Spain remains the top holiday destination for UK travelers, followed by Portugal.
- The travel industry contributed £57 billion to the UK economy.
- The industry is asking the government to lower aviation taxes and support sustainable aviation fuels to reduce costs.
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