TUI winter bookings catching up to pre-pandemic levels

There is, however, a risk that the pent-up demand seen during the summer will not be matched as consumers tighten purse strings on non-essential expenditure

Earlier this year, COO Sebastian Ebel, who takes over from longtime CEO Fritz Joussen in October, said the business had performed well 'despite the operational challenges in the European tourism sector'.

Holiday group TUI stuck to its forecast of returning to profitability this year and said winter bookings stood at 78% of pre-pandemic levels.

The group, one of the world's largest tour operators, said bookings for the months of November and December were at 81% of 2018-2019 levels and that it expected the trend of late or last-minute bookings to continue for the winter holidays.

"The Canaries, Mexico, Egypt, and Cape Verde are likely to form a key part of our holiday offer this upcoming winter," TUI said in a statement.

The German company, which runs tour operators, travel agencies, airlines, hotels, and cruise liners in holiday destinations across the world, had seen a summer revival as holidaymakers flocked to European and Caribbean beaches to enjoy their breaks following a pandemic hiatus.

However, there is a risk that the pent-up demand seen during the summer will not repeat this winter, as households tighten their purse strings on non-essential expenditures amid biting inflation that has increased the prices.

TUI said it would return to profitability this year despite losses in the Q3, adding that flight disruption costs remained at elevated levels but improved through the Q4.

Earlier this year, COO Sebastian Ebel, who takes over from longtime CEO Fritz Joussen in October, said the business had performed well “despite the operational challenges in the European tourism sector.”

— Reuters