“Stuff home improvements – get us out of the house and away on holiday,” say those who have more cash since start of Covid
More than half of UK adults who say they are better off now than they were before the Covid pandemic will use the extra cash to splash out on a holiday in 2022, reveals research released today (Monday 1 November) by WTM London.
One in five of the 1,000 people responding to the WTM Industry Report 2021 said they are better off than they were pre-Covid, when outgoings were higher.
When asked: “Financially, are you better or worse off since the beginning of the pandemic?”, the majority of respondents (62%) said ‘about the same’; 20% said they were better off and 18% worse off. Respondents were asked to consider both earnings and outgoings in their response.
When those who said they are now better off were asked: “What do you plan to spend your extra money on?” a holiday came out as the top answer, with 55% saying they plan to use it to book a getaway. The figure is almost twice as many as the next-best answer, where 31% of those who are better off than they were pre-COVID said they’d spend it on home improvements.
A cautious one in four (28%) said they’ll “keep the money in the bank for a rainy day”; 26% said they’ll spend it on a new fridge-freezer or something similar in the white-goods category and 21% will buy a new car. Around one in 10, (12%) said they would put the money towards buying a new house.
Even more encouraging for the travel industry, a significant number are still undecided and could well be swayed by tour operators and destinations enticing them to spend their cash on a holiday. Of those who say they’re better off since COVID started, 7% “have not thought about” what they would do with the money.
WTM London takes place over the next three days (Monday 1 – Wednesday 3 November) at ExCeL – London.
WTM London Exhibition Director Simon Press said: “This is music to the travel industry’s ears. A lucky one in five of the UK now find themselves financially better off than they were before Covid, because they have ‘accidental savings’ and lower household debt.
“People have been largely stuck indoors for many months on end and this research shows us they are sick of the sight of their four walls.
“Rather than spend money on home improvements or a shiny new washing machine, they just want to get out and about and make the most of life now restrictions are easing. What better way to get away from it all than to book a holiday?
“We already know there is pent-up demand for overseas trips and destinations will be falling over each other to compete to attract the spend of those who have money to burn and who are very likely to be trading up and splashing out on their next holiday.
“What’s more, with a further 7% saying they have not thought about what they will do with their extra cash, travel companies could be in for an even bigger slice of the tasty Covid windfall cake.”
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World Travel Market (WTM) Portfolio comprises leading travel events, online portals and virtual platforms across four continents, generating more than $7.5 billion of industry deals. The events are:
WTM London, the leading global event for the travel industry, is the must-attend three-day exhibition for the worldwide travel and tourism industry. Around 50,000 senior travel industry professionals, government ministers and international media visit ExCeL London every November, generating over £3.71 billion in travel industry contracts. In 2020, WTM Virtual facilitated 20,000+ meetings and held 42 live content sessions over the 3-days show.
Next live event: Monday 1 to 3 November 2021 at ExCel London
Next WTM Virtual: Monday 8 to 9 November 2021 – Virtual
Travel Forward London is the leading travel technology event, co-located with WTM London. Travel Forward is renowned for showcasing the next-generation technologies for the travel, tourism and hospitality industry. Over 19,000 travel officials and 150+ innovative solution providers attend for 3 days of cutting-edge insights, open debate and unrivalled networking opportunities. The combination of a 2-day conference, interactive exhibition and start-up showcase makes Travel Forward truly unique.
Next live event: Monday 1 November to Wednesday 3 November 2021 at ExCel London
Next Travel Forward Virtual: Monday 8 November to Tuesday 9 November 2021 – Virtual
London Travel Week, brought to you by WTM London, is the one-stop-shop for event hosts and visitors to be able to shape the next 12 months of travel together. The festival of events supports the global travel and tourism industry through capturing invaluable news and enhancing industry connections.
Next event: Friday 29 October – Friday 5 November 2021
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WTM Virtual, is the WTM Portfolio virtual platform, created to offer global delegates the chance to arrange one-to-one virtual meetings, to do business, attend conference sessions and roundtables, take part in speed networking and more. WTM Virtual embrace the global leading travel shows in one platform.
WTM Latin America takes place annually in São Paulo and attracts around 19,000 tourism professionals during a three-day event. The show offers qualified content, as well as networking and business opportunities. In its ninth edition – the first 100% virtual – WTM Latin America followed its focus on effective business generation and reached the milestone of 4,200 meetings held between buyers, travel agents and exhibitors.
Next event: Tuesday 5 to Thursday 7 April 2022 – Expo Center Norte, SP, Brazil
WTM Africa launched in 2014 in Cape Town, South Africa. More than 6,000 travel industry professionals attend Africa’s leading inbound and outbound travel and tourism market. WTM Africa delivers a proven mix of hosted buyers, media, pre-scheduled appointments, on-site networking, evening functions and invited travel trade visitors.
Next event: Monday 11 to Wednesday 13 April 2022 – Cape Town International Convention Centre, Cape Town http://africa.wtm.com/
Arabian Travel Market (ATM), now on its 29th year, is the leading, international travel and tourism event in the Middle East for inbound and outbound tourism professionals. ATM 2021 showcased over 1,300 exhibiting companies from 62 countries across nine halls at Dubai World Trade Centre, with visitors from more than 140 countries over the four days. Arabian Travel Market is part of Arabian Travel Week. #IdeasArriveHere
Next in-person event: Sunday 8 to Wednesday 11 May 2022, Dubai World Trade Centre, Dubai https://www.wtm.com/atm/en-gb.html
Arabian Travel Week is a festival of events taking place within and alongside Arabian Travel Market 2022. Providing a renewed focus for the Middle East’s travel and tourism sector, it includes ATM Virtual, ILTM Arabia, Arival Dubai, Influencers’ events and activations, as well as Travel Forward. It also features the ATM Buyer Forums, ATM Speed Networking Events as well as a series of country summits.
https://www.wtm.com/arabian-travel-week/en-gb.html
WTM Global Hub, is the new WTM Portfolio online portal created to connect and support travel industry professionals around the world. The resource hub offers the latest guidance and knowledge to help exhibitors, buyers and others in the travel industry face the challenges of the global coronavirus pandemic. WTM Portfolio is tapping into its global network of experts to create content for the hub. https://hub.wtm.com/
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RX is in the business of building businesses for individuals, communities and organisations. We elevate the power of face to face events by combining data and digital products to help customers learn about markets, source products and complete transactions at over 400 events in 22 countries across 43 industry sectors. RX is passionate about making a positive impact on society and is fully committed to creating an inclusive work environment for all our people. RX is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers. www.rxglobal.com
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