Due to the current economic climate, travelers are forced to do various extras.
The world of commercial aviation has moved into a post-coronavirus recovery, but some obstacles are preventing passengers from traveling as they did before the impact of COVID. A major factor is the rising cost of living, but how much is this affecting people’s travel plans?
An important factor
Skyscanner looked at this question as part of their recent Travel Horizons survey. To do so, the company asked 11,000 travelers in 10 countries to gain a better understanding of what future travel and spending will look like. Ask them about the rising cost of living:
“Are rising consumer prices affecting your plans to book an international vacation in 2023?”
Globally, 59% of respondents confirmed that this is indeed the case in their situation. Another 16% said they did not know, while the remaining 25% said it would not affect their travel plans.
Interestingly, there was considerable variation in the responses given by respondents from different countries. For example, only 33% of UK respondents said yes, compared to 73% in the UAE. Another Middle Eastern country, Saudi Arabia, also ranks high on this indicator with 71%.
What measures are passengers taking?
The Horizons study looked at what steps travelers are taking to save money on future travel plans. For example, 36% of respondents said that the exchange rate of their currency will determine their next destination when traveling internationally in the future. This was a very popular answer among participants from the US, with 57% indicating that they would.
Not all of the 11,000 respondents answered the questions, but the 6,408 respondents painted an interesting picture of the travel and spending habits of future travelers. Spending less on hotels also ranked high, with 32% of respondents saying it would be part of their budget travel plans.
The same percentage indicates that they will seek to minimize the amount of money they spend to get to their destination. An example of this is choosing a self-catering accommodation instead of eating out every day. The United States was again the largest source of “yes” responses to this, with 51% saying so. At the other end of the scale, Italy’s figure was just 20%.
Increase spending despite current challenges
The rising cost of living is making travelers think more about how to travel, but it certainly won’t put them off traveling altogether. Skyscanner’s Horizons survey found that 45% of respondents plan to travel more in 2023, while 41% are willing to invest more in such travel. This demand will support commercial aviation recovery efforts.
What do you think of Skyscanner’s findings? Are you taking any steps to change your future travel and expenses? Let us know your thoughts in the comments section.