Majority of Brits continuing to prioritise travel over all other expenses
Ilaria Grasso MacolaThe vast majority of UK consumers are continuing to prioritise spending on travel over all other expenses, a new consumer survey has revealed.
More than four in five Brits (81%) are making travel their top budgetary priority, although this lags slightly behind the situation in Europe and the US, where the figure is 84% according to a major new poll of 10,000 consumers.
Only 4% of the 2,000 UK respondents, meanwhile, said travel wasn’t among their budget priorities.
The data underlines the findings of Barclays’ latest consumer spending report, published on Tuesday (6 February), which revealed travel was among the top three sectors for spending growth in January (up 8.9% year-on-year) behind only digital content and subscriptions and "other services".
Commissioned by Spanish travel firm eDreams Odigeo, the research nonetheless highlights the importance of cost and value to consumers, ranked as a top priority for nearly two-thirds (64%) of the UK respondents, 59% of whom are Baby Boomers.
There was evidence too of changing priorities for younger consumers, with 21% of millennials and Gen Z respondents telling eDreams they prioritise social inclusivity and values when it comes to booking, while 28% of those aged between 18 and 24 now consider connectivity for communication and work fundamental.
“We are in an era where travellers’ values are evolving rapidly shaped by the big matters of our time, from technology to hybrid work or a once-in-a-generation pandemic,” said eDreams Odigeo chief executive Dana Dunne.
“While we are seeing a generational shift in values around these issues, we are also continuing to see travel remain incredibly important to customers of all ages. We expect demand for travel to remain strong, so this data really highlights why it’s vital we continue to innovate and provide new experiences that excite future generations of travellers.”
The research highlights health and safety as one of the main considerations for travellers across all age brackets and geographies.
Nearly half (48%) of UK respondents and 51% of the 8,000 global respondents said health and safety was a priority; these figures increase to 56% and 52% respectively when considering just the 18-24 age group.
These new patterns, said eDreams, follow 25 years’ of significant change in the way people travel, particularly with regards to consumer preferences, with the sector "likely to witness further significant shifts over the next few decades".
"This anticipated period of change follows directly on from a quarter of a century that has seen the travel industry evolve beyond all recognition," said the firm.
Over the past 25 years, passenger numbers have increased from 1.6 billion in 1999 to 4.5 billion in 2019. And despite two years of disruption owing to Covid, air passenger numbers have rebounded and grown to 4.9 billion.
The internet has also changed the way people book; citing an Iata report, eDreams reports online bookings have increased from 5% in 1999 to 70% in 2023.
"This data provides a fascinating insight into what will matter most to travellers as the next generation of socially inclusive and digitally native consumers reach the peak of their spending power,” Dunne added.
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