Iran war and high living costs fueling last-minute holiday bookings, Tui says
Summary
Tui, a large European travel company, says people are booking holidays later because of the war in Iran and rising living costs. The company lost €60 million due to the conflict and saw profits drop in the spring, but summer holiday bookings have recently increased.Key Facts
- The war in Iran caused uncertainty, making travelers wait before booking trips.
- Tui lost €60 million because of the war and related problems.
- Two cruise ships were stuck in the Gulf for 12 weeks, costing the company €40 million.
- Tui’s profits fell by 43% between April and June compared to last year.
- Customer numbers dropped 3% in the same period to just under 10 million.
- The markets and airlines part of Tui’s business moved from profit to loss due to weak demand and high fuel prices.
- Summer holiday bookings have increased in the last few weeks as the season started.
- Climate changes are affecting travel times, with more people choosing to travel outside the busiest months to enjoy cooler weather.
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