That’s the consensus from a survey of consumers conducted by Global Media and Entertainment Group.
Speaking at the Abta Travel Trends Conference in London, Hayley Fox Clarke, head of insight innovation at Global, unveiled the findings of recent audience insight which showed 83% of people admit they have been affected by the rising cost of living.
At the same time, 38% said if they hadn’t experienced the pandemic, then they would be even more careful with their money.
With that in mind, travel still ranks high as a priority purchase, particularly with families. In a list of top five priorities, holidays ranked second, beneath TV subscriptions for families.
It was a slightly lower priority for Gen Z (people born between 1990 and 2010), with holidays ranking number three, below TV subscriptions (number one) and buying new clothes (number two). For Boomers (people born between 1946 and 1964), their number one priority was TV subscriptions followed by alcohol and giving to charity. Holidays ranked lower down at number four.
Fox Clarke stressed that while families ranked holidays most highly, 52% also admitted that after Christmas they will focus on saving. “Up until then, they’re more focused on having fun”.
Elsewhere Fox Clarke highlighted interesting answers to the question: “Imagine if you won £250 today – would you spend it or save it?” One in five respondents replied to say they would spend it all. “This is not behaviour we would expect to see in a cost of living crisis,” Fox Clarke noted.
“It shows that this is the moment to tap into the ‘yolo’ [you only live once] market”.
