PwC data from November 2022, presented at the Hays IG conference on Saturday (4 March), revealed that only 10% of people will spend less on holidays this year, while 47% said they will spend between "a bit more" and "much more" compared with 2022. 

Of this 47%, the majority are older and more affluent Britons, delegates heard. 

“It is unbelievable,” said Hays. “People will forgo hospitality, they’ll forgo clothing and they’ll downgrade their grocery shopping in order to be able to afford a holiday.”

Hays said that the cruise market is set to grow by 36% over the next three years, representing a great profit opportunity for businesses. The package holiday and long-haul travel markets are also expected to grow, the chair said.

“[We need to] ensure that we focus on profits, looking at that every single month.”

Hays’s comments came as Hays chief operating officer John Woodall-Johnston urged travel agents to cut out small discounts to increase their profit margins.