The Resolution Foundation reports that household incomes are, on average, 2.9% higher than before the financial crash in 2008. Greater discretionary spend available for expenditure on travel and tourism? No. When the costs of housing are factored in living standards in London have fallen by 3.9% since 2008. The Resolution Foundation calculates that nationally median income is roughly 3 per cent higher than in 2007-08, standing at around £24,300. Report
I blogged recently about the challenge of resilience for businesses in tourism. “Business as Usual” is going to get a lot more difficult for tourism – our world is hotting up ABTA has reported that bookings to safe destinations are surging with year on year Spain up 27%, Portugal up 32%, Cyprus up 14% and Malta up 15% ABTA told the Times that “increased global insecurity has led people to head for tried-and-trusted places, principally which they have been to before, mainly in the western Mediterranean” Meanwhile in Turkey hundreds of hotels are up for sale.