Global management consultancy AlixPartners found inflation and interest rate rises have not dampened projected spending patterns, with 85% of the 2,700 respondents polled intending to spend the same or more on travel in 2023 compared with 2022.

Just less than half (41%) said they were intending on spending more this year than they did in 2022, while 57% stated they would still travel as planned even if costs came in higher.

Only 14% plan to reduce their travel spending to below 2022 costs or not travel at all should price rises necessitate a reassessment of travel plans.

Of those willing to spend more on travel in 2023, an increase of 10-30% appeared to be the price premium that consumers were most comfortable with.
 
More than 80% of respondents, who had previously travelled for leisure purposes in 2022, said they had already decided to travel internationally or domestically this year, with just 10% still undecided and even fewer not intending to travel.

UK consumers were most likely to travel internationally, with 89% saying they intended to holiday abroad.

Beatrix Morath, partner and managing director at AlixPartners, said: "It is clear from the survey’s findings that consumers hold their leisure travel plans as sacrosanct when it comes to allocating shrinking disposable income to discretionary pastimes.
 
"After an incredibly challenging three years for travel operators, these results will present a source of great optimism for the industry, which appeared to have been mirrored by booking figures at the start of the year."