Why Are Holiday Prices for 2023 So High?

The global pandemic has had a huge impact on the travel industry, with the majority of airlines having to reduce their flight schedules due to the restrictions put in place to help stop the spread of the virus. This has had a knock-on effect on the cost of holidays, with prices for 2023 already being significantly higher than in previous years.

High Demand

One of the main factors driving the rising cost of holidays is the high demand for them. With many people having been stuck at home for the past year, they are now eager to get away and are willing to pay higher prices to do so. This has been compounded by the fact that many airlines are still not running their pre-pandemic number of flights, meaning there is less availability and more competition for those that are available.

Inflationary Pressure

The other factor driving up the cost of holidays is inflationary pressure. According to Sean Boland, CEO of Travel Leaders Group, the combination of huge demand and inflationary pressure has created a “perfect storm of spiralling costs”. This is particularly true for the peak summer months of July and August, with prices for these months already significantly higher than in previous years.

How to Save Money

Although holiday prices for 2023 are higher than in previous years, there are still ways to save money. One of the best ways to do this is to book early, as prices tend to increase the closer it gets to the date of travel. It is also worth looking for deals and discounts, as many airlines and travel companies are offering discounts and incentives to encourage people to book.

Conclusion

The global pandemic has had a huge impact on the travel industry, with the majority of airlines having to reduce their flight schedules due to the restrictions put in place to help stop the spread of the virus. This has had a knock-on effect on the cost of holidays, with prices for 2023 already being significantly higher than in previous years. The main factors driving this are high demand and inflationary pressure, with the peak summer months of July and August being particularly affected. Although holiday prices for 2023 are higher than in previous years, there are still ways to save money, such as booking early and looking for deals and discounts.