One in four consumers say they will be unable to afford a holiday this summer, as the cost-of-living crisis hits household budgets hard.
However, others have been frustrated by the repeated lockdowns – and plan to spend more this year on a holiday than they did last year, according to the latest KBC Bank consumer sentiment survey.
Some people had already factored in the higher cost of airfares and hotels, and expected to have to spend more, said KBC Bank economist Austin Hughes.
This suggested that many saw a holiday break as an important priority in their household budgeting this year, he said.
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There has been a slight increase in the number of consumers who say they cannot afford to go on holiday.
The survey, which was carried out in May, revealed that 23pc of people feel they will not be able to afford a break. This is up from 19pc a year ago and reflects pressure on living costs at present, the KBC consumer sentiment index indicates.
“At almost one in four consumers, the survey does suggest a substantial portion of Irish consumers feel that a holiday is financially out of reach for them,” said Mr Hughes.
But he added that the limited change in this number from last year suggests that this is a persistent problem, rather than one sparked by the recent surge in inflation.
The most common response to questions over holiday costs was that those planning a break would spend roughly the same as they did last year.
The survey found that 8pc of those going on holiday are planning to spend more than 20pc extra this year.
This likely includes some who spent nothing on holidays last year, because of Covid concerns.
Some of those planning to spend big on holidays will have amassed pandemic savings, the survey results suggest.
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