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Holidaymakers reluctant to give up travel, despite cost of living crisis

by Amy Johnson LLB Finance Reporter
25th Jan 24 8:04 am

Multitrip.com’s 2024 Travel Survey, found that 45.6% of holidaymakers are planning to take three or more holidays in 2024; meanwhile, 6.8% of those surveyed are planning to take five or more holidays this year.

At the same time, almost 60% of those surveyed say that their 2024 travel plans will be impacted by the cost-of-living crisis.

59.1% of those surveyed took three or more holidays in 2023; 45.6% are planning to take 3 or more holidays in 2024 – a 13.5% decrease.

Whilst 41.5% of respondents say they will go on fewer holidays and the number of people planning to travel during the peak summer period (July and August) has fallen slightly by almost 3%.

The proportion of people planning to travel in May or June has meanwhile risen by 4.4% and 16.8% of those surveyed say they will spend less on travel in 2024 compared to 2023.

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Holidaymakers are less worried about getting through the airports and flying, at just 24% this year compared with 40% in 2023 – last year’s elevated figure most likely influenced by 2022’s ‘Summer of Chaos’, which saw queues and delays at security and flight cancellations at unprecedented levels.

Meanwhile, 26% of respondents’ travel plans will take the climate crisis into account, with 6% saying they will holiday close to home and 1.2% saying they will not take a holiday at all.

91.7% of respondents plan to purchase travel insurance, a proportion which remains virtually unchanged.

“With travel remaining a top priority despite the cost-of-living increases, it’s great to see that over 90% of people surveyed understand the importance of having a Travel Insurance policy in place to cover them while abroad.” said Jason Whelan of Multitrip.com

He added, “For anybody planning to take more than one holiday this year, an annual policy with Multitrip.com offers especially good value for money.

“With annual policies starting from just £19.99, it makes it affordable for people travelling abroad to make sure they have cover in place.

“We’ve seen the cost of oversees medical expenses increase significantly over the last number of years so travel insurance offers peace of mind that anybody heading off on holiday in 2024 simply cannot afford to be without.”

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