- Contents
- *Overview
- What you need to know
- Key issues covered in this Report
- Products covered in this Report
What you need to know
Holidays are one of the things consumers are missing the most during the lockdown, behind only spending time in-person with family/friends and going out for a meal. After travel restrictions are relaxed many consumers will be eager to get away, preferring rural and remote destinations over city breaks. However, social distancing measures and some consumers’ reluctance to travel far from home are likely to prolong the recovery of the holiday market.
Some of the patterns seen after the 2008/09 global financial recession will be repeated. Travellers will be more likely to sacrifice shorter holidays in order to afford their main holiday, whilst cheaper options such as staycations, holidays to low-cost destinations and self-drive holidays will become more appealing. The popularity of the latter will be enhanced by falling petrol prices as well as the perceived lower risk compared to flying or using public transport.
We will also see the introduction of more ‘working holidays’ as employers show greater flexibility on working locations, giving more people the opportunity to travel further afield. Meanwhile, the overseas business travel market will not return to its previous level, partly as a result of videoconferencing becoming a vital communication tool.