Business
Gen Z want hot tubs and cold plunges on staycations, holiday home giant says
Gen Z holidaymakers are driving an increase in wellness staycations and see features like hot tubs and saunas as “must-haves”, according to Europe’s biggest holiday homes business.
Awaze, which owns brands including Hoseasons and Cottages.com, said younger couples and adult groups were its fasting-growing demographic when it comes to bookings in the UK.
They were also the most likely cohort to seek out wellness features on trips away, including hot tubs, saunas and a cold water plunge.
Awaze manages more than 100,000 properties in 20 countries, and dug into its own bookings data for UK rentals to uncover holiday trends.
Properties with hot tubs make up more than half of all bookings, at 55%, up from less than 40% before the pandemic, the travel giant revealed.
They also gain 51% higher average weekly rates and 45% higher occupancy than homes without, driven by increasing demand for stays outside of peak periods.
Awaze said a 4% increase in occupancy across its global portfolio of homes in the third quarter, compared with last year, was boosted by younger people booking stays during “shoulder season”.
This refers to the time between the most in-demand months and offseason, such as between March and April, and September and October.
A separate poll carried out by the company found that around half of Gen Z holidaymakers said they had taken a wellness-focused getaway in the past three years – almost twice the proportion of older generations who said so.
The survey, of more than 1,000 travel consumers, also found that 59% of younger travellers would be willing to spend an extra £250 per person for a relaxation-focused break with wellness facilities, compared with a traditional UK stay.
Gen Z typically refers to people born between 1997 and 2012.
Matthew Price, Awaze’s chief executive, said experiences centred around wellbeing and relaxation were increasingly being prioritised over other forms of non-essential spending, like shopping on fashion and homeware.
He said: “The rise in wellness-led travel shows how younger generations are prioritising their physical and mental wellbeing over other things, and redefining what a great break looks like, with huge implications for the entire UK holiday market.
“Owners who are investing behind more wellness features in their homes, as we are seeing across our Hoseasons brand, are benefitting as they attract new audiences, boost occupancy levels and strengthen returns all year round.”
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Business
Trump administration in advanced talks for a rescue package for Spirit Airlines, source says
A Spirit commercial airliner prepares to land at San Diego International Airport in San Diego, California, U.S., January 18, 2024.
Mike Blake | Reuters
The Trump administration is in advanced talks for a financing package for Spirit Airlines as the carrier is facing the risk of a liquidation, according to a person familiar with the matter.
Spirit had been facing a potentially imminent liquidation, people familiar with the matter told CNBC last week, speaking on the condition of anonymity to discuss matters that had not yet been made public. The Dania Beach, Florida-based carrier in August filed for its second Chapter 11 bankruptcy in less than a year, after it struggled to increase revenue to cover rising costs.
President Donald Trump hinted at potential government aid on Tuesday, telling CNBC’s “Squawk Box“, “Spirit’s in trouble, and I’d love somebody to buy Spirit. It’s 14,000 jobs, and maybe the federal government should help that one out.”
The White House didn’t immediately comment.
“We are hopeful that the government will recognize the needs for emergency funds especially in the current economic environment,” a spokesperson for the Associated of Flight Attendants-CWA, which represents Spirit’s cabin crews, said in a statement. “The last thing our economy needs is tens of thousands more people out of work and the last thing the travelling public needs is fewer choices in air travel.”
The terms of the financing deal weren’t immediately known. The Wall Street Journal earlier reported that the talks were in an advanced stage.
The U.S. airline industry accepted more than $50 billion in taxpayer aid to weather the Covid-19 pandemic, which is still its biggest-ever crisis, but those funds weren’t handed to one specific airline. Some of the aid gave the U.S. government stock warrants for airlines.
Airlines also received a government bailout following the Sept. 11, 2001, terrorist attacks, but that money was also for more than one company. The U.S. in 2008-2009 also bailed out the auto industry during the financial crisis and took stakes in manufacturers.
The Trump administration has taken equity stakes in some companies it deemed critical to national security like Intel and USA RareEarth, though Spirit stands out as it is in bankruptcy.
In February, Spirit said it expected to exit bankruptcy in late spring or early summer, telling a U.S. court that it would shrink and focus its planes on high-demand routes and travel periods. Pilot and flight attendant unions had also made concessions, including going on furlough in recent months, in a bid to help Spirit survive.
But jet fuel prices have nearly doubled in some parts of the U.S. since then, further adding to challenges for Spirit and the rest of the airline industry.
As a low-fare airline that also faces competition from larger carriers with their own no-frills, basic economy offerings, it has grown harder for Spirit to cover expenses. Spirit had introduced extra-legroom seats and other premium options to try to cater to higher-spending customers.
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