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- UK Holiday Industry Review 2023
UK Holiday Industry Review 2023
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The UK Holiday Review Market Report 2023 identifies consumers’ holiday preferences post-pandemic, holiday booking trends, and opportunities for brands to appeal to holiday seekers in the current market. This report covers the holiday market size, market forecast, market segmentation and industry trends for the UK holiday market.
26% of UK adults planned to book an overseas or domestic holiday in the three months following December 2022, which is well below the pre-pandemic levels. This could indicate the impact of the current cost of living crisis. As household incomes are constricted, consumers are deterred from multiple holidays in the current market.
This doesn’t mean that the desire to travel has entirely subsided. Instead, Brits look towards cost-saving ways of organising their holidays, as shown by the fact that many travellers would be interested in all-inclusive holidays or discounts offered for booking far in advance.
Consumers may cut down on extra holidays and stick to a single multi-region trip. In fact, over half of younger travelers find this way of travelling appealing.
Consumers are looking for ways to save money when booking holidays. Providers can consider this alongside pent up post-COVID demand, and the fact that consumers have been saving through the pandemic. According to Mintel’s British Household Confidence Tracker, the share of UK adults who booked a holiday had started to increase from February 2022 as more and more countries eased travel restrictions.
While there are constraints on household incomes in the cost of living crisis, there are opportunities for providers to appeal to Brits looking to find a good deal. For example companies can appeal to consumers by offering a booking calendar that shows prices on a range of dates. Additionally, those struggling with their finances express strong interest in all-inclusive holidays, low-cost accommodation and paying in instalments.Â
Over the next couple of years, a stabilising economy will have a positive effect on consumers’ travel budgets. Further into the future, the forecasted market value of the UK resident overseas holiday market is expected to increase, exceeding pre-pandemic levels.
Tech-driven locations will continue to become attractive for travellers. For example, the Museum of the Future opened in Dubai in February 2022, using augmented and virtual reality technologies. There are also smart cities on the horizon, and these have the potential to appeal to younger and affluent travellers who are more open to new experiences.
To discover more about the Holiday Market, read our UK Sustainability in Travel 2022 report, or take a look at our extensive Holidays and Travel Market Research.
Products: This Report examines the habits and attitudes of British adults aged 16 or over towards holiday-taking in the UK and abroad. For the purposes of this Report, Mintel defined a holiday as a stay of at least one night that is primarily for leisure purposes. Business trips and visiting friends or relatives are not included.
Brands:Â Princess Cruises, Airbnb, Meta, British Airways, XWELL, geoLAGOON, Eurostar, Air Canada, VisitScotland, CHOOOSE, Clockwork, BaliTwin, and more.
This report, written by Marloes De Vries, a leading analyst in the travel sector, delivers in-depth commentary and analysis to highlight current holiday market trends and add expert context to the numbers.
Staying in multiple countries or regions whilst on a holiday appeals to the majority of holidaymakers. As people are expected to take fewer trips compared to before the pandemic to combat the rising cost of living, combining two types of experiences into one holiday, such as a stay in a city with a stay along the coast, is likely to become more attractive in the coming year.
Marloes de Vries
Associate Director – Travel
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