The travel boom is still huge. But even if the majority of Austrians travel again this year, one in six people in this country cannot afford a holiday of at least a week. It even affects one in three of low-income households.
The desire of Austrians to travel remains great. Nearly nine in ten are planning a holiday this year with at least one overnight stay, according to a survey by the transport agency.
However, the high price increase leaves no trace among domestic households. “Our analyzes show that one in six Austrians will have to cancel a holiday trip in the summer of 2024,” says Ernst Gittenberger of the Johannes Kepler University Linz (JKU). In concrete terms, this concerns 17 percent of the population. In the years before the sharp increase in inflation, it was consistently ‘only’ between 12 and 13 percent.
One in three low-income households must stay at home
For households with a low income (less than 2,000 euros net per month), a holiday trip is even more difficult to obtain. Here, even a third (34 percent) have to forego a week’s holiday in the summer. By comparison: for families with more than 5,000 euros net per month, this only applies to three percent. Here it is mainly people with many children.
Travel budgets are shrinking for one in four holidaymakers
But those who can afford a break at the lake or sea also save money. “A quarter of holidaymakers have to make do with a lower budget than last year. Holidays have a higher price for many this year,” adds Professor Christoph Teller (JKU). Of the poorer households that can financially manage a trip, four in ten spend less money. According to research by Durchblicker, the budget will decrease this year by a total of 300 euros to an average of 1,800 euros per person. At the same time, travel time has been reduced by one day.
According to the Ruefa travel compass, this year the focus is once again on sun, beach and sea. One in two people is planning a beach holiday. In addition to Austria (68 percent), there is a lot of demand for Italy (32 percent) and Croatia (26 percent).
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
