A recent study by Forbes Advisor, the financial guidance and price comparison platform, found that nearly three-in-10 Brits have decided to put off long-distance holidays for the foreseeable future, blaming the ever-rising cost of living.
Unsurprisingly, those aged over 55 were the least affected, with just over a fifth (21%) making the decision not to go on holiday, and those between the ages of 18 and 34 were hit the hardest, with over a third (34%) writing off long-distance travel for now.
Of those who haven’t flown since the end of the COVID-19 restrictions in March 2022, over a third (37%) stated this is because they have not been able to afford it. The study showed that exactly half (50%) of all Brits had not flown for a holiday since then.
Rising costs appear to be a major barrier to UK would-be holidaymakers, as financial concerns start to get in the way of Brits achieving their long-anticipated travel goals. Nearly a fifth (18%) of prospective travellers from the UK have had to give up on their dream or ‘bucket list’ destination due to the current cost of living crisis. When breaking it down by age, the figure is the highest among the younger generations aged 18-34, with over a quarter (26%) having to let go of their dream holiday plans.
While cost appears to be the main driver behind people reducing or stopping holiday plans altogether, environmental concerns are also part of this trend. The study found that one in nine (11%) of those who didn’t fly said they made a conscious decision to reduce their carbon footprint. Nearly a fifth (19%) of Brits share similar environmental considerations when it comes to their holiday plans, saying they are worried about climate change’s potential negative effects on their future travels.
Laura Howard, travel expert at Forbes Advisor, commented: “Any increase in the cost of living is going to affect people’s lifestyles, so leisure activities like holidays – especially those to far-flung destinations involving long flights – will be among the first to go in favour of essential expenses like groceries and household bills.”
“However, one potential silver lining to this cloud could be that travellers are becoming more conscientious when planning their holidays. We could also see the travel industry striving to find creative solutions to retain customers who have recently had to budget their getaways more aggressively.”
