Balearic summer holidays could be off the agenda for many Brits next year. | Majorca Daily Bulletin reporter

This winter and next summer could be tough seasons for the Balearics - perhaps even more challenging that this year.

The latest data from Barclaycard, which sees nearly half of the nation’s credit and debit card transactions, reveals that the domestic travel sector performed strongly, with summer staycations boosting hotels, resorts and accommodation by 4.1 per cent month-on-month.

However, international travel has been more heavily impacted by rising costs, with travel agents and airlines declining -5.0 per cent and -2.6 per cent respectively, possibly due to holidaymakers booking breaks earlier in the year and those booking last-minute trips choosing to cut back on getaways abroad.

As the cost-of-living continues to bite, Brits’ confidence in their ability to spend on non-essential items has fallen to 48 per cent – noticeably lower than July 2022 (54 per cent) and August 2021 (63 per cent). Optimism in the UK economy has also declined to 21 per cent, down from 26 per cent last month and 37 per cent in August 2021; its lowest since August 2020 (19 per cent).

The energy price increase in October is also weighing on consumers’ minds, with 32 per cent planning to cut down on discretionary spending to afford energy bills during the autumn and winter and 21 per cent reporting they can no longer afford small luxuries as a ‘pick-me-up’.

Many feel the worst is yet to come, as 82 per cent believe the cost-of-living will continue to rise, while 20 per cent cite increasing costs as having a negative impact on their mental health.
So, it remains to be seen how high up the list of priorities Balearic holidays will be next year.