In these financially challenging times, seeking out a great value escape is more important than ever – these are our top tips
Let’s not beat about the bush: next year is going to be a financial challenge for most of us. Costs are going up faster than incomes; energy prices in particular have soared; the pound is weak. In the meantime, airlines and travel companies are still trying to recover financially from the pandemic. They don’t have much capacity to absorb price rises pressures. In short, all the indicators suggest that travel will be more expensive and more uncertain in 2023.
Despite all this, I feel pretty optimistic. Holidays are incredibly important to us. Most people make them a priority even when times are hard, and the great thing about travel is that there are always ways of tailoring your cloth according to your means. Whether you knock a couple of stars off your hotel expectations, book a shorter break, or a cheaper destination. You just need to think creatively, plan carefully and remember that there is a difference between booking during a boom, or during a bust. The risks are different, the timescales are different, the patterns of pricing may change.
So here is our comprehensive guide to successful travel during a cost of living crisis.
The biggest risks are to the travel companies themselves. It’s pretty certain, if the recession intensifies, that some operators and airlines will go out of business over the next year or so.