According to new data, although 76% of consumers expect to be "moderately or severely" affected by the cost of living crisis, consumers are spending more and taking longer holidays next year, suggesting travel is an expense many aren’t willing to sacrifice.
According to lastminute.com, for 2023 city break bookings, longer stay share is at 40% vs 31% in 2019, whereas historically three-night stays have been most popular.
For sun and beach bookings, seven nights continues to be the largest cluster, but eight-night stays or more have increased in terms of share by 11% for 2023 vs 2019.
The rising cost of living has seemingly had an impact in terms of how and when consumers pay for their holiday, with more looking to spread out costs over a longer period: 68% of forward bookings for 2023 have chosen a deferred payment plan.
