Overseas holidays remain the one area of big-ticket spending that is most likely to survive widespread cost of living cuts this autumn, according to new research.
The data reveals that three quarters (76%) of British households planning holidays for the year ahead refuse to change their plans and will target cutbacks elsewhere.
A poll of 2,000 people for AllClear Travel Insurance found that foreign travel came out as most resilient to cost-of-living cutbacks, with 76% still intending to travel abroad this year despite the inflation rate hitting a 40-year high this autumn.
Of those who had plans to travel pre-recession, two fifths intended to embark on their holiday exactly as they had planned prior to the cost-of-living crisis (38%), with no compromise on spend, location or time.
A further two fifths were continuing with their plans to travel abroad, but intended to reduce their total spend in order to make it more affordable (38%).
By age, the research showed that older generations were most likely to be uncompromising on their holiday plans for the year ahead, with 57% of over 65-year-olds continuing with their holiday plans.
But younger generations were most likely to delay or cancel holiday plans (38%).
People are making big cutbacks elsewhere in areas such as large-scale home improvements and car purchases.
AllClear chief executive Chris Rolland said: “It is without question that in these times of financial strain many people will have to tighten their belts and re-evaluate their priorities.
“Our study looked at the relativity spending plans in a number of areas as we head into the autumn.
“Whilst home improvements, milestone family events and car buying are set for big cutbacks, people’s faith in holidays continues despite the worrying economic climate.
“Holidays are so important – people look forward to them, feel the need to get away and switch off – and for many there are tangible wellbeing benefits.
“The findings are welcome news for a travel sector that has been hit hard by Covid restrictions and had a challenging summer period.
“Whilst Brits will be making sweeping cutbacks across a range of areas, our research shows people are not giving up on holidays despite the pressure to cut back spending and save.”