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WTM: Cost-of-living Crisis Poses Risk to Travel in 2023

The cost-of-living crisis brought about by inflationary pressures and skyrocketing energy prices poses the greatest threat to travel business and holiday planning in 2023, according to data presented during this year’s WTM London.

Based on the results of a WTM London survey of 210 travel professionals, 44.8 percent said the cost of living was most likely to affect business activity negatively in 2023, followed by the price of petrol (13.4 percent) and energy prices (9.6 percent).

Cost-of-living woes hit holiday plans

At the same time, in a different poll presented at WTM, 66 percent of the 2,000 consumers polled cited the cost-of-living crisis as the single most issue that is will likely impact 2023 holiday plans followed by the price of petrol (27 percent), Covid-19 rules or infection rates (20 percent), other global health emergencies (11 percent), the Russia – Ukraine war (14 percent), airport chaos (16 percent), Brexit (12 percent), enhanced UK/EU border checks (13 percent).

Photo source: European Commission

“Soaring fuel prices will hit the price of holidays, while inflation will eat away at families’ disposable income – meaning leisure travel may be unaffordable for some, especially at the budget end of the market,” said Juliette Losardo, exhibition director World Travel Market London

WTTC President and CEO Julia Simpson reiterated that rising energy prices, cost of living, labor shortages, airspace restrictions and climate change “all threaten the full of recovery of our sector”.

Losardo expressed confidence however that consumers will prioritize spending on vacations, especially following two years of lockdowns and restrictions.

The WTM London tourism expo will run until Wednesday, November 9.

The Greek Travel Pages (GTP) is an official media partner of WTM London.

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