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The study found 41 percent of those polled will not be able to afford a break overseas or in the UK at a time when they are looking to reduce their spending. And 56 percent are not planning holidays in Europe or further afield due to a combination of flight and hotel prices going up, soaring inflation and energy prices at home, and the depreciation of the pound.
The research by customer insights platform QuMind found increased travel prices are the biggest influence, named by 59 percent of people, followed by the cost of living. To save money, 56 percent said they would have fewer holidays, 50 percent would focus on UK breaks and 45 percent would book trips earlier than in previous years.
The survey also found holidaymakers are looking for perks when shopping around for deals, with 18 percent saying meals being included is important, 18 percent wanting free cancellations on bookings and 15 percent being swayed by free hotel upgrades.
Consumers also want better communication from tourist firms, with 39 percent of the 1,001 people polled wanting deals from airlines and hotels to come to them via email, and 23 percent saying they like to receive personalised discounts.
However, while social media adverts were popular with 31 percent of those aged under 45, influencers were of little interest, with only eight percent of the 25-plus age group welcoming this kind of marketing, compared with 22 percent of the 18 to 24 age group.
Mark Ursell, CEO of QuMind, said: “Knowing that consumers are reducing their travel spending further, it is crucial that travel and tourism brands adapt to the needs of their customers.
“There is a great opportunity for those in the industry who can personalise experience according to the needs of individual customers and offer extra incentives.
“They will be the ones to reap the rewards of repeat business and customer loyalty.”
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