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NEARLY A THIRD SAY COST-OF-LIVING CRISIS HAS CANCELED TRAVEL PLANS

Byadmin

Oct 16, 2022 #Insurance, #travel

The impact of rising travel costs has led to a reduction in the number of people travelling, according to the Office of National Statistics (ONS). The data, released last week, shows that the average number of UK flights in the week to 2nd October 2022 fell by 1%, and was 16% lower than in 2019.

This data is supported by a new survey conducted by Quotezone.co.uk which asked whether the cost-of-living crisis has caused people to delay or cancel any major life decisions, with holidays coming out top at 30.9%.

It’s likely that the fall in demand for flights is a direct result of rising travel costs.  Which? research found that the average price of an annual travel insurance policy increased by around 50% between August 2019 and August 2020 for both European and global cover.*

Other costs associated with travel such as the cost of flights, are also rising, according to data from the consumer group Which?, there is a 42% increase in the price of one-way tickets for the week-long school holiday in October.**

These costs will continue to rise with the onset of the European Union’s plan to increase tax on aviation fuel in a bid to cut greenhouse gas emissions. Already, 11 million tourists are predicted to ditch their Spanish holidays as a result of this measure.

Greg Wilson, Founder of Quotezone.co.uk, comments: “It is surprising to see that travel is actually down compared to pre-pandemic levels. It’s clear that rising travel costs and the cost-of-living crisis is taking its toll and making people rethink their holidays abroad.

“Data across the industry is showing that travel costs – from insurance premiums to flights – is increasing dramatically. It has never been more important to shop around to find the best price possible.”

Quotezone.co.uk helps around 3 million users every year, with over 400 insurance brands across 70 different products including niche items such as business travel insurance, multi trip travel insurance and European travel insurance

By admin