Holiday 2022: From hotels to car rentals – prices are on the rise

Germany Rising prices

Why holidays will be more expensive this year

Two years after the outbreak of the Corona pandemic, the craving for travel is greater than ever. However, vacationers should be prepared for higher prices – regardless of whether they are staying in a hotel or holiday apartment, renting a car or flying.

TUI tourism group is expecting a strong summer

TUI expects the return of the summer of 2022. In an interview with Dietmar Defner, capital market strategist Robert Halfer explains whether the best for the tour operator is justified.

aEveryone is tired of Corona, but no one survives the epidemic. It lets everyone feel in everyday life: everything is connected to everything else. This is especially noticeable in individual areas of the tourism industry.

High Demand: Everyone wants to go on vacation

Corona has created a backlog. This can be demonstrated, for example, by the travel analysis 2021/22 of the Research Association Holidays and Travel (FUR). The desire to travel rose among those surveyed to 61 percent. This is ten percent more than the previous year. Additionally, 72 percent of survey respondents have the time and 70 percent have the money to travel.

Hotels: Fewer Choices, Even Fewer Skilled Workers

The range of hotels is particularly limited in the countries surrounding the Mediterranean. Many hotels received less government support from the German hospitality industry. That’s why they temporarily closed their homes or went bankrupt.

At the same time, many employees migrated to other industries due to the uncertainty. So there is a shortage of skilled workers everywhere who can now demand better wages. The global umbrella organization of Business Travel Associations (GBTA) assumes that hotel prices in Europe will increase by 10.4% this year and by 7.6% in 2023.

Apartments: high prices depending on the area

Three things apply again to summer: Most Germans will go on vacation in Germany, the coasts and mountains are in demand, and holiday apartments will thrive. According to the rental portal, 70 percent of offers on the Baltic Sea are already fully booked.

Sunset on the beach at Joest: Many Germans will vacation in the North Sea and the Baltic Sea in 2022 too

Source: pa / Zoonar / Dirk Rueter

High demand for holiday homes in Germany means that prices have risen by 25 percent since 2019 at an average of 125 euros per day. However, average rents vary greatly depending on the region: Sylt at the top at €190, and Rhone at €75 at the lower end.

Flights: Kerosene is expensive and capacities are scarce

Without state help, Lufthansa and Condor no longer exist in this form due to Corona. Airlines around the world are currently running on the edge of existence. To survive, they grounded planes, laid off employees, and canceled roads. This means: capabilities are limited.

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When demand increases, prices rise. According to the Federal Association of the German Aviation Industry (BDL), flights within Europe cost about 22 percent last year compared to the record year 2019. Even if airlines can adapt their offer to demand relatively quickly, this has its price. In addition, higher oil prices put pressure on the cost structure and will be passed in due course.

Car rental: Long wait to get a new car

In 2021, consumers experienced the steepest increases in rental car prices. According to comparison portal Check24, there were price jumps of up to 78 percent compared to 2020. It even reached 150 percent in Spain and Italy.

It won’t be cheaper in the near future. The main reason for this is fleet management of car rental companies. During the Corona crisis, Sixt and other companies have significantly reduced their fleets – in some cases by as much as a quarter.

When demand surged in the middle of 2021, car rental companies faced a problem every buyer knows: long wait times due to supplier problems due to the semiconductor crisis in the auto industry.

Tour Operator: Juggling Prizes

Tour operators rely on price changes from other service providers like agencies, buses, trains, etc., and pass these costs on to the customers. In addition, major tour operators with annual sales of more than ten million euros have had to protect themselves from bankruptcy through the German Travel Insurance Fund (DRSF) since last November.

“This means that travel is free of financial risk for customers. On the other hand, this added security also leads to a slight increase in prices,” explains Ralph Schiller, CEO of tour operator FTI.

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At the same time, clients’ money is loose. After months of limited mobility, many are self-medicating. Stefan Bommert, President of TUI Germany, noted that “the proportion of bookings with accommodations in five-star hotels has increased significantly”. This also increases the price of travel.

For travelers, the costs of corona tests and insurance also have an impact. Because antigen tests are often insufficient, expensive PCR tests must be used. And comprehensive insurance packages from the organizers, so as not to be left exposed in the case of Corona, are of course not free.

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