Holiday bookings getting cheaper

The credit crunch is having an escalating effect on people’s travel plans as holiday bookings get cheaper with Thomson and Thomas Cook discounting late deals.

At the start of the year, just 7% of respondents to our survey said the economic downturn would have an impact on travel plans for 2008.

However, 12% of 3500 people questioned from July 5 to 7th admitted they may have to look for the cheaper option on their summer holiday.

The holiday booking trend is most apparent among the 33 to 57 age range. In this group, 18% are considering changing their plans.

Of all respondents, just 9% said they would take fewer holidays and short breaks than in previous years, while 22% said they would look for cheaper alternatives.

However, many were holding out for late holiday deals. Only 13% said they would consider postponing booking their holiday until the last minute.

The strength of the euro is also acting as a small deterrent, a quarter of those planning an overseas holiday in 2008 said the euro exchange rate would have an impact on their choice of destination and 6% said this would influence whether they travel at all.

“Bookings have been a bit weaker than last year but not dramatically different. People are still travelling, they’re just choosing cheaper holidays or going for one week instead of two.”

“Our travel research has shown that for a huge majority, a holiday remains an important part of their life. This latest wave of research provides evidence that the holiday market is more than immune to economic pressures.”