Travel Monthly Review - Business Travel, Consumer Spend, RyanAir & OTAs: February

Travel Market Life

In February episode we look at:

• Industry news of the last month and consumer spending change
• What’s RyanAir’s change of strategy?
• Our feature discussion is on Business Travel and we’ll hear from Clive Wratten, Chief Exec of Business Travel Association
• Industry developments and consumer trends talking about shoulder seasons and the best snaps
• Finishing with the quick quiz. Will won last month, has he brought his A-Game this month?

Featuring Will Plummer (CEO, Trust My Group), Claire Steiner (UK Director, Global Travel and Tourism Partnership), and James Clarke (General Manager, Travelzoo UK),

Industry News

Holidays the ‘exception’ as consumers cut leisure spend

• Deloitte Consumer Tracker - consumers intend to spend less across nine out of 11 leisure categories in Q1 2024, with an exception being the long and short holiday categories.
• The majority of consumers (57%) intending to travel abroad on a holiday are likely to book all-inclusive trips,
• 60% of consumers are expecting to take a domestic holiday in 2024.

HOLIDAY EXTRAS LAUNCHES NEW AI TOOL AFTER IT REVEALS 55% OF TRAVELLERS DON'T READ INSURANCE DOCUMENTATION PROPERLY

• AI technology that allows customers and travel agents to easily read through the terms and conditions of their insurance documents.
• Over half (55%) said they did not read it properly, with a quarter (24%) admitting to only skimming them, while 28% only refer to a brief online summary and 3% not reading it whatsoever.
• Despite the increase in extreme weather and events caused by climate change last summer, three quarters (74%) assumed their insurance would automatically cover impact on their travel caused by natural disasters, while 68% assumed it covered disruption from strike activity.

Millennial men in the U.K. are helping drive a trend of falling working hours, and it might be starting to hurt the country’s economy

• Typical hours men worked dropped from 36.3 hours in 2019 to 32.5 hours in 2020. Working hours for 2022 were 35.3 hours, the most recent year available, the Office for National Statistics said
• Millennial men working shorter work hours have contributed to labour shortages equivalent to 310,000 fewer people in employment, official figures show.
• This was reflected among women in the same age group, who saw a 0.02 hours per week rise.

RYANAIR NEWS

RYANAIR AGREE NEW

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