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Consumers ‘defying cost-of-living crisis to prioritise holidays’

Consumers are placing even more value on foreign travel than before despite the cost of living crisis, new research reveals.

More than half of 2,000 people polled by EasyJet say they will always protect their summer holiday. 

As many as 80% will still be taking a holiday this summer. 

Europe is the top spot for British holidaymakers with two-thirds (74%) planning to heading there, with Spain (23%), Greece (9%) and France (5%) the most popular destinations

The majority of people (87%) will spend more or about the same on holidays this year than 2022 despite the impact on cost-of-living, with many placing high value on taking a break (42%) and believing making memories are more important than anything (37%). 

More than  half (56%) say that the pandemic has changed their views on travel with over a third (35%) saying they now put more value on enjoying life.

Nearly one in three (30%) say that they used to take travel for granted but following pandemic restrictions now want to make the most of it.

Almost a quarter (23%) say that they are travelling more than before the pandemic with half (48%) saying they now value experience more than items. 

Close to half (46%) say that they need more breaks from day-to-day life and a similar number (39%) want to make up for the years they could not travel.

As many as 47% made savings during the pandemic and are now using that money to spend on travelling. 

Meanwhile, four in five (82%) are cutting back on the likes of takeaways (45%), dinners and drinks out (42%) together with clothing and accessories (30%) to make sure they can safeguard their summer holiday. 

If they had a choice, they would prefer to spend their money on their summer holiday (66%) versus house renovations (49%), a new car (39%) or a home office (16%). 

More than two thirds of holidaymakers are also being more cost effective when it comes to travelling this year (65%) by booking more budget friendly hotels and resorts (27%). Nearly half (45%) will be more likely to book flights with a low-cost carrier than before the pandemic. 

Chief executive Johan Lundgren said: “The summer holiday has always been the highlight of the year for so many, giving people and families the chance to get away, spend time together relaxing and making lifelong memories. 

“The pandemic has meant that travel is once again highly valued, sitting firmly as the number one priority for household discretionary spend.

“And rather than the cost of living dampening demand, instead it seems travel is more important than ever, with more customers opting for airlines like EasyJet which promise the best value.” 

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