People are booking holidays at least eight months in advance to try and lock in the best prices, according to luxury operator Elegant Resorts.
However, spend and holiday duration is also up for this year over 2023.
The average booking period has increased from 156 days to 242 days in 2024.
This means people now tend to book their holidays eight months in advance to try and secure better prices, the operator said.
The average booking value has increased by 9% over the past year from £22,200 to £24.600, while holidaymakers tend to go away for longer periods of time to make up for the price increase.
The average holiday duration was 10.2 days in 2023 and is now up to 11.5 days, representing an 11% rise year-on -year.
The company said: “With peak booking season upon us, Elegant Resorts has noticed a range of trends confirming holiday habits are shifting due to the cost of living crisis and the higher prices linked to travel, including air fares.
“Compared to 2023 when Europe was the top destination throughout the year, 2024 sees a bigger mix of destinations being booked.”
Barbados is the best-selling destination, followed closely by Spain – especially the Canary Islands – Greece, UAE and the Maldives.
“Asia, Africa, and North America are gaining in popularity following the difficult Covid years with the US, Singapore, South Africa and Thailand among the top emerging destinations this year, while Canada and Japan itineraries are featuring among the best-selling ‘bucket list’ trips,” the operator reported.
Best-selling hotels and resorts include Sandy Lane in Barbados, Ikos Resorts in Greece, One&Only Resorts in the Maldives and the Middle East, wellness sanctuary Chiva-Som in Thailand, luxury lodge Lizard Island in Australia, and Four Seasons Palm Beach and Four Seasons Resort Orlando at Walt Disney World Resort.
Grenada is tipped as ‘hot destination of the year’ for 2024 due to the opening of the first Sixth Senses resort in the Caribbean in May and the luxury boutique Beach House by Siversands.