New research from AllClear Travel Insurance has revealed overseas holidays remain the one area of big-ticket spending that is most likely to survive widespread cost-of-living cuts this autumn.
The firm asked a sample of 2,000 adults how the strain on their finances would impact various areas of spending. Overseas travel came out as most resilient to the cost-of-living cutbacks, with 76% still intending to travel abroad this year.
Nearly two-fifths intend to embark on their holiday as they had planned prior to the cost-of-living crisis (38%), with no compromise on spend, location or time.
By age, the research showed older generations were most likely to be uncompromising on their holiday plans for the year ahead, with 57% of over-65s continuing with their holiday plans.
In contrast, the younger generation were found to be the most likely to delay or cancel their holiday plans (38%) in a bid to cutback on spending.
Chris Rolland, chief executive at AllClear Travel Insurance, said: "It is without question that in these times of financial strain many people will have to tighten their belts and re-evaluate their priorities.
"Our study looked at spending plans in a number of areas as we head into the autumn. Whilst home improvements, milestone family events and car buying are set for big cutbacks, people’s faith in holidays continues despite the worrying economic climate."
