Cost of living regarded as biggest threat to 2023 travel, research shows

Posted by Olerato Ramafsi on 8 November 2022

The Covid pandemic has destabilised many economies, while the high cost of living has become the biggest threat to travel companies in 2023. This is according to research done by WTM London.

Minister says SA needs affordable tourism experiences

A poll that focused on travel professionals asked: ‘which of the following is likely to affect your business negatively in 2023?’ and almost half 44.8% to be exact cited the cost of living as their biggest fear.

The price of petrol came in second with a score of 13.4%, while energy prices were a concern for 9.6% of the participants.

When combined, the cost of living plus petrol and energy prices, these responses amounted to more than two-thirds of those surveyed which was 67.8%.

The war in Ukraine was cited by 11.9% of the participants, while other issues of concern included increasing covid rates 5.4%, 2022 chaos at airports 4.2%, climate change 2.3%, Brexit 1.9%; and enhanced border checks 1.1%.

The survey reflects on the warnings by the World Travel & Tourism Council about the industry’s global bounce-back being at risk from economic headwinds.

A survey which was conducted by WTTC in September 2022 highlighted the challenges to G20 Tourism Ministers, stating that collaboration between the public and private sectors is needed now more than ever.

Julia Simpson, WTTC President and CEO, pressed home the message, saying that rising energy prices, cost of living, labour shortages, airspace restrictions and climate change, ‘all threaten the full recovery of our sector.’

Picture: Getaway gallery

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