Hays Travel owner Dame Irene Hays says the agency’s direct debit model makes any holiday booking “more affordable” during economic turbulence but admitted nobody can predict the true impact of the cost-of-living crisis on sales yet.
Speaking on Friday (November 11) – the day figures were released showing UK economy contracted by 0.2% between July and September – Hays highlighted the fact that customers were using their savings to fund holidays which was “distorting the picture”.
Asked about the impact of the looming recession, Hays said: “We just don’t know yet because people are still coming to terms with everything and those that did not have fixed mortgage to understand their finances more clearly.”
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But she added: “We know that customers are looking for a high degree trust and expertise and we’re going to deliver those anyway but we’re going to make it easier by delivering interest free direct debit which significantly eases the financial situation by spreading the cost of a holiday.
“The holiday becomes more affordable immediately.”
The UK’s largest independent agency’s current direct debit model launched in 2019 but it has used similar ones before, Hays confirmed.
“From 2019 we went into the pandemic so now it has the opportunity to really grow legs,” she said. “[Economic analysts] are forecasting two tough years ahead.”
Hays (pictured) issued a warning about making rash judgements on the cost-of-living crisis. “The picture is not monochromatic – not one size fits all in other words,” she said. “It varies in size for each individual which is why we need to be careful.”