A quarter of holidaymakers are planning to reduce or scrap their holiday plans due to the current economic situation, while 54% say they will change their plans if costs increase.
According to the survey of 2,000 adults last October by the price comparison site Go.Compare only 2% plan to spend more. However, a similar size survey carried out ABTA last August found 28% intended to spend more on holidays this year.
The younger generations are most likely to cut costs, according to the Go.Compare survey, with 30% of millennials saying they need to spend less.
However, Go.Compare found that last year’s travel disruptions, including wildfires and airport strikes, have not deterred travellers, with 89% confirming their plans for 2024 have not been affected by last summer’s issues.
Go.Compare’s Manon Jones said: “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 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.”