For those who were able to save during the COVID-19 pandemic, GlobalData says that they may now be considering a ‘bucket list’ trip, as cancelled trips and a reduced ability to travel has left bigger budgets for more once-in-a-lifetime trips. And that, the data and analytics company says could provide a much-needed boost to destinations that require long-haul flights.
GlobalData travel and tourism analyst, Rheanna Norris observes that: “The vaccinated over-65s are likely candidates. While the situation remains fluid, it is expected that being fully vaccinated will offer a greater ability to travel. This, along with minimal concern regarding personal financial situations, means that older visitors are likely to provide economic gain for luxury, long-haul destinations.”
In its COVID-19 Recovery Survey, GlobalData reports that 58% of respondents aged 65+ were ‘not concerned’ regarding their personal finance situation. Meanwhile, 87% of respondents aged 25 to 34 were ‘extremely’ or ‘quite’ concerned (combined) on this matter. This result shows the generational difference in terms of the financial impact of COVID-19.
Said Norris: “Increased holiday budgets will benefit long-haul ‘bucket list’ destinations that attract luxury UK travellers, such as Barbados, the Maldives and Mauritius. However, destinations will only reap benefits from the increased holiday budgets and spending in the next few years, as confidence to book a holiday in 2021 remains low.”
According to a live Verdict Community survey, the issue most likely to deter people from travelling is ‘quarantine requirements,’ and it is hoped that the UK’s traffic light system will make things clearer where that is concerned.
Low confidence and the threat of quarantine may mean investment into ‘bucket list’ trips come in 2022 and 2023, to eliminate any cancellation threats.
Go to www.globaldata.com for more.