How do consumers feel in regard to financial confidence since Covid-19?
Our survey indicates that 47.7% of the population have no plans to travel in next six months and that financial confidence is not the main factor. This large group tends to be aged 55-64 and live outside of London.
Only 8.7% of people have booked (some in the last month) and are planning to still travel in 2020. They are a mix of key workers (who let’s face it deserve a holiday), people working from home and those who’ve been working more since Covid-19, and who have increased savings.
The remaining 43.6% would travel but have three barriers:
- 12.3m people are concerned about the health risks associated with travelling and tend to be over 65 and better off since covid-19
- 6.6m people can’t travel because of other commitments. These tend to be younger and are currently furloughed
- 3.3m people are concerned about losing their money if they are unable to travel. These tend to be in middle age and have been working from home
So whilst the majority of people won’t travel abroad anytime soon, there is real desire to travel once the industry can provide reassurances that travelers won’t lose their money if they book and when the tourist destinations provide evidence that they are doing everything they can to keep travelers safe.
Our ‘Top Line Report’ includes insights into all consumer spending across different sectors as well as travel intentions for 2021.
&You will be running a #benchmark survey in early August to track the changes in attitudes and behaviour for all groups and are looking for brands from different sectors to run sector specific questions.
If you are interested, please contact Nic Edwards on 07540 837358