Travellers are hesitant to book a trip abroad this summer, according to a survey by The PC Agency.
The luxury travel consultancy partnered up with market intelligence firms AudienceNet and Thrive to survey 1,017 UK adults about their holiday plans.
The survey found that even though 76% of Brits are keen to travel, only 25% have committed to an overseas trip and 19% are still considering their options.
The survey highlighted that nearly 24% of Brits are not intending to go anywhere this summer. Among those not looking to have a getaway this year, 65% cited the cost of living crisis and lack of affordability as the key reasons to put their suitcase away.
Of those intending to travel this summer, 52% expect to pay more or the same as they did in 2019, with only 29% expecting to pay less than their equivalent pre-pandemic trips, deliberately holding back their spend.
Paul Charles, Consumer Travel Expert and CEO of The PC Agency said: “It’s clear that consumers are seeing the demise of the bargain holiday this summer, as prices have risen sharply in every part of the travel sector.
“The escalating costs for holidays at all price levels are the real sticking point for those yet to book, with many people hedging their bets hoping that prices fall just before their ideal departure date.
“It’s no longer just a case of increased demand driving price hikes but the harsh reality of the cost of living crisis which has really started to bite. Fuel prices that have a big impact on airlines have reduced somewhat but persistently high inflation has sent operational costs across the travel supply chain skyrocketing.
“Every part of the hospitality industry is affected from hotels to villas and apartments, with all other providers including car hire, spas and tourist attractions also passing on their increased costs to consumers.”