A recent WTM survey revealed that one in five respondents had decided to "cut back" on their spending by staying in cheaper hotels and flying low-cost airlines. With bills higher than ever and the recession looming, it's no wonder people are looking to get the most for their money when booking a getaway.

And what luxuries are holidaymakers most willing to forgo in order to cut costs? According to WTM data, almost 40% of people would sacrifice 5* hotels, 33% would give up more legroom and 32% would ditch their baggage allowance.

However, there are some things we are more reluctant to sacrifice. Guaranteed good weather and a location close to major attractions are still things people want to keep as part of their annual break.

In the face of an ever-increasing cost of living, it seems unusual that people continue to prioritise holidays, so why is this demand?

According to Euronews, the Association of British Travel Agents said: "Over the years, customers have repeatedly told us that holidays are one of the last things they will cut back on when looking to relieve financial pressures on very tight budgets". 

The World Travel Market survey seems to corroborate this statement, as of those already planning a getaway, the majority said they expected to go away twice by 2023. The top two trip types were classic beach holidays and family trips.

World Travel Market data also shows that almost half of people who have booked a place in the sun have done so because they want to have something to look forward to.