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You could forgive the travel industry for feeling a little pessimistic about the coming months. The economic turmoil wreaked by Liz Truss and co, coupled with soaring energy bills, double-figure inflation and rising mortgage rates, has meant a worrying time for both consumers and businesses alike.

And yet, despite the gloomy headlines, this latest report from PwC shows there are still plenty of reasons to keep smiling.

True, the findings show that financial factors are now the largest barrier to consumers travelling in 2023. But they also highlight that despite this pressure on budgets, most people are expecting to spend the same or more on their holidays in 2023 as they did this year. “Spending on experiences and holidays seems to be a real priority for people,” says Eleanor Scott, director, travel and leisure, at Strategy& for PwC UK.

It’s a sentiment that travel bosses echo,  with one travel company chief executive reporting record-breaking sales in 2022. However, the uncertainty of what may be round the corner is making consumers –  and travel chiefs – wary, and one thing we do expect is that prices will rise, potentially quite considerably for next year. 

That travel is still seen as a must-have, though, is key. Consumers may trade down as the cost of living bites, but it seems they’re a long way away from giving up on their holidays just yet.

Sophie Griffiths,

Editor, TTG