New research from predictive analytics firm Blue Yonder has uncovered the nation’s habits when it comes to booking their summer holidays. The findings from a nationwide survey of 2000 people reveal that:
1 in 3 of us no longer visit travel agents. This is consistent across all age groups and gender. In Bristol and Cardiff this figure increases to 43 per cent.
Millennials are more accepting of increased flight and travel prices during the summer period.
One in four spend more than two hours hunting around for the best holiday and travel deals.
The survey also revealed that contrary to Ryanair’s CEO, Michael O’Leary’s view that there is no need for price comparison websites to exist, 50 per cent of Brits in fact prefer to use these websites when it comes to booking their holidays. This is a universal truth, no matter what age, gender or area you are from in the UK.
These figures highlight the change in holiday and travel shopping habits and is strong evidence of consumers’ increasing price sensitivity. Interestingly though, millennials are far less price conscious and are four times more willing to spend more on flights and travel during the summer period, versus a mere 5 per cent of over 55s who are prepared to spend more.
Survey of 2000 Brits reveals our holiday and travel shopping habits
The survey also found that Londoners are almost TWICE as accepting of price increases to flights and travel during school holidays (21 per cent versus 12 per cent), and are TWICE as likely to pay more for taxis during rush hour, exemplifying the effect Uber has had on city dwellers (16 per cent versus 8 per cent).
The travel industry has been at the forefront of dynamic pricing, with price flexibility based on certain variables, including demand, the time of year and public / school holidays. This model is accepted by younger consumers and is shaping how we shop around for the best deal. The ability of travel companies to react, in real-time, to the market and consumer desire is a crucial issue for the travel industry in the digital world today; dynamic pricing helps increase revenue and profits. By also using predictive analytics, travel businesses can ensure they have enough availability to cover demand during peak periods.