Speaking during a Barclays webinar, Hays Travel co-founder Irene Hays said business was “booming”, adding a target of 70% of 2019’s cash flow was being “exceeded significantly”.

She said the current financial year, beginning in May, had had a slow start, but that by October “we will be back in profit”. “It’s sooner than I ever thought would be the case,” she said.

“People are definitely spending more and want to do their long-haul bucket list.”

Travel Network Group chief executive Gary Lewis said October had been the busiest retail month since March 2020 “and the first week in November was a record week”. 

“I believe the market will explode back and we will get some huge times,” he added.

Adam Murray, Flight Centre Travel Group EMEA chief finance officer, added a downsizing of its network had seen it slash the workforce by half. However, retaining its most experienced consultants, pushing the average age from below 30 to almost 40, had paid dividends, he said.

“People value more than ever that expertise and knowledge above ease of transactions and price,” he said, adding Flight Centre had won more corporate business in the last 18 months “than in 10 years” while consumer business was "less price-sensitive at the moment".

“We are incredibly positive about the recovery," he said.

Hays added retail provided 65% of total business volume. “We see the retail market being part of the customer journey now. “Over 70% will research online then come into retail and book.” 

However, she said the popularity of homeworking meant there was a recruitment crisis on the high street and Murray said retail needed more help from government via business rate reform. “We are not seeing a general correction in rates on the high street,” he said.