Iran war and high living costs fueling last-minute holiday bookings, Tui says

Geopolitics and cost of living crisis have cost Europe’s largest travel company €60m so far Holidaymakers are waiting until the last minute to book their trips because of the continuing uncertainty caused by the war in Iran and the cost of living crisis, according to Tui , Europe’s largest travel company, which said the war had cost it €60m (£51m) so far. In the weeks after the outbreak of war at the end of February, Tui recorded a temporary drop-off in customers wanting to travel to Cyprus or Turkey, in what the company called a “volatile market”. Tui’s chief executive, Sebastian Ebel, said: “Travel remains highly relevant to people’s lives, but the timing of travel decision has shifted. Wars and geopolitical tensions, consumer caution, economic weakness and rising inflation in Europe’s core markets – all these factors have influenced consumer sentiment and the timing of purchasing decisions.” Two of Tui’s cruise ships – Mein Schiff 4 and 5 – were in the Gulf in Dubai and Qatar when the conflict in Iran broke out.

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