PwC Germany
Dusseldorf (ots)
PwC survey: 84 percent of respondents are worried about price increases / Seven out of ten want to save when traveling – by traveling less, shortening their stay or forgoing activities and comfort / 58 percent would spend at home in favor of the holiday budget Reduce events and cultural events / One third thinks about saving energy costs at home by vacationing in Germany
The current price increases are worrying a lot of people and this also has a direct impact on consumption and holiday plans of Germans: A clear majority wants to cut back on travel, for example by not traveling as far, shorter, less often or cheaper. Although around half of those surveyed rated their financial situation as poor (+19 percentage points compared to April 2022), the will to save on vacation trips has fallen slightly. Above all, there is an opposing trend for domestic and international travel. These are the results of a survey by the auditing and consulting company PwC Germany among 1,000 people in Germany between the ages of 18 and 65. PwC also compares the current findings with the results of a identical survey from the end of April 2022.
With rising prices, the confidence of the Germans dwindles
In the current survey, almost half of those surveyed classify their financial situation as bad – in the spring it was still around one in three. The hope that their own financial situation will improve or at least not deteriorate in the next six months is currently shared by 58 percent. In April, 67 percent of those surveyed were still optimistic. The high inflation is still driving the vast majority of respondents: 84 percent are concerned about rising prices – almost unchanged since April.
Despite inflation, the desire to travel is gradually returning
The declared willingness to save by Germans has declined slightly for all individual and package tours in Germany and other European countries – but remains at a high level: More than 70 percent of the self-confessed package travelers are thinking about traveling cheaper, shorter or not at all. Even if the cuts in individual trips abroad are less than in spring, the vast majority are looking for ways to make the trip cheaper. Ingo Bauer, Head of Transport, Logistics and Tourism at PwC Germany, explains: “Our survey shows that the willingness to save when planning vacations does not follow rising inflation – it is even tending to decline slightly. This once again underlines the importance of the Holidays for the people in Germany. Where holidaymakers want to save costs should be monitored not only by travel providers, but also by organizers of events and other holiday activities.”
Type of travel, accommodation and means of transport under scrutiny
Compared to spring, overnight stays in hotels continue to be rated as a savings target by 69 percent of guests. In the case of holiday resorts with leisure or wellness facilities, fewer travelers are considering doing without (-8 percentage points), but private accommodation (-6 percentage points) and camping (-4 percentage points) are also recovering slightly compared to the assessment in April. Nevertheless: A clear majority continues to think about savings when choosing accommodation.
With a view to the means of transport, those surveyed would cut down on air travel in particular: around 69 percent of potential passengers want to fly less. This is slightly less than in April (73 percent). The same trend can be seen in the use of ship (69 percent) and rail (60 percent). Despite the increase in fuel costs, cars are significantly less on the red list (56 percent).
Germany is in demand as a travel destination – the cost pressure is increasing
Vacationing in your own country is currently an option for 62 percent of people and thus for more people than in April (55 percent). However, the increased desire to travel is associated with cuts in detail. Due to the price increases already perceived and forecast, two-thirds of those surveyed would limit their short vacations within Germany – such as city trips to visit museums or concerts or other cultural events. That is 5 percentage points more than in spring. 60 percent also state that they reduce comfort and the scope of activities.
On the other hand, 36 percent of those surveyed could imagine deliberately taking longer vacations or a “workation” (a trip that combines vacation and work) in Germany in order to save energy costs in their own homes. A longer stay abroad for the reasons mentioned is still an option for 19 percent.
“Despite rising inflation, more people are sticking to their holiday plans for Germany than in the spring. The current trend is to cut back on the comfort of accommodation, transport and activities on vacation,” says Ingo Bauer, commenting on the current development.
Holidays abroad are less in demand – but then less is saved
Holidays abroad are an option for 38 percent of respondents in the next six months (-6 percentage points compared to April). At the same time, however, more is indulged in abroad: with regard to accommodation, only 35 percent prefer a variant with self-sufficiency; in the April survey it was 17 percentage points more. Only 37 percent of those surveyed are considering putting short trips abroad for sports and culture on the cross-off list. In the spring it was still 52 percent.
Anyone who wants to travel saves – especially when it comes to jewellery, furniture and culture
In order to be able to afford holidays even in economically tense times, many people are willing to make cutbacks in other areas: the majority stated that they cut back on other purchases for this reason. Jewelery and furniture are at the forefront: 66 and 59 percent respectively want to reduce their spending here in order not to have to cut the travel budget. Events and cultural events follow closely behind on the list with 58 percent.
“The great willingness to put other purchases on hold in favor of a holiday is probably due to the reallocation of the actual travel budget during the pandemic period. But: The majority of the now formulated waiver of cultural and sporting events as well as other events should set off the alarm bells of the organizers. Here it could be a trend is emerging that is making viewers more used to digital formats such as streaming services or video conferences and is likely to pose major challenges for the event industry,” says Ingo Bauer.
About PwC:
PwC sees it as its task to build trust in society and to solve important problems. More than 327,000 employees in 152 countries contribute to this with high-quality, industry-specific services in the areas of auditing, tax and management consulting. The designation PwC refers to the PwC network and/or one or more of the legally independent network companies. More details below www.pwc.com/structure.
Press contact:
Martin Krause
PwC Communications
Tel: (0211) 981 – 1657
Email: [email protected]
www.pwc.de/Reisen-Inflation
Original content from: PwC Germany, transmitted by news aktuell
