Summer tours go to hell, especially those to Turkey

The world is in a fever of interest in buying summer tours, for the Czechs Turkey is a hit. They also have a strong crown. The world’s largest travel agency, TUI, is reporting an extraordinary growth in demand, even 20 percent ahead of pre-pandemic demand.

Hotels and holiday flights for the upcoming summer season, people book at a completely extraordinary pace in these hours and days around the world. After two years of pandemic closures, they are hungry to travel and explore new lands, those from the interior crave the sea, those from the valleys and plains for the mountains. Thus, the fever of interest in buying a holiday does not avoid even the Czech Republic.

Concerns about the impact of the spread of the covid-19 variant of Omicron are diminishing, while the world’s population, especially vulnerable groups, continue to be vaccinated.

Shares of the world’s largest travel company TUI on Tuesday on the London Stock Exchange added up to two percent. The company announced that the pace of ordering tours for this summer even surpasses the levels before the pandemic.

People do not hesitate to pay extra for luxury

In addition, people did not have much to spend during the pandemic, nor much to spend on holidays, so now they want to make up for it. According to the German travel agency TUI they spend an average of 22 percent more per trip year-on-year. So they are willing to spend more on summer holidays. Although part of the price increase is due to general inflation, people definitely they buy more expensive tours and pay extra for luxury – like, ” we haven’t been anywhere for two years now, so we’re going to enjoy it all the more.”

Of course, increased interest is also observed by airlines. Last month, low-cost carriers such as Ryanair, easyJet and Wizz Air announced a dramatic increase in their capacity for this season in order to meet the growing demand.

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So far, a quarter fewer people have ordered a tour for TUI than in the same period of the last pre-pandemic year 2019, but the pace of orders in recent days and weeks is breathtaking. This is so significant that it gives a strong hope that this summer season will correspond to the last pre-pandemic season, that of 2019, in terms of completed stays.

For example, in the UK, which is a key market for the entire tour segment, TUI reports an increase in tour bookings for this summer in the range of almost twenty percent above the level of the pre-pandemic year 2019.

Interest in summer holidays is greater than before the pandemic, not only in Britain, but often also in the Czech Republic. Some domestic travel agencies are now reporting up to fifty percent higher sales for the summer season compared to the same period of 2019. Travel agencies in the Czech Republic are making it increasingly clear that this year tourism could return to pre-pandemic levels.

Interest in foreign stays this year in the Czech Republic is recorded by a strong crown. The latter is close to its historical maxims, for example, against the Turkish lira, the Polish zloty or the Swedish krona. Against the euro, it is near an almost eleven-year high. In recent months, it has strengthened significantly against a number of other currencies, as the Czech national bank raised its base rate at one of the strongest rates in the world to combat inflation.

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The crown is extremely strong against the mentioned Turkish lira. The Turkish lira is weakening dramatically due to the fault of President Recep Tayyip Erdogan, who is pressuring the country’s central bank not to raise interest rates. The Turkish head of state believes that higher interest rates will accelerate inflation, which is contrary to the majority opinion among economists and indeed to the majority opinion of central banks elsewhere in the world. Even thanks to an unprecedentedly weak lira, Turkey is now a hit among the Czechs in the orders of tours for the summer. A strong crown makes it cheaper, for example, to buy food, souvenirs or services and excursions in a holiday destination.

But the global expansion of tourism also means further pressure on rising oil and fuel prices. Fuel in the Czech Republic could thus be sold up to around the level of 40 crowns per liter of gasoline or diesel in the summer, despite the strong crown, because there is a risk that a barrel of Brent oil will rise in price significantly above the level of one hundred dollars.

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