Leading EU travel company warns: No cheap last-minute holiday deals this summer

The chief executive of Europe's largest holiday company, Tui Group, has warned customers that amidst a booking surge, it will offer "practically no" last-minute discounts this summer.

Fritz Joussen warned that with prices of holidays rising and the company facing higher fuel costs for its planes and cruise ships, margins would be too slim for major discounts.

The travel operator's bookings currently stand at 85 per cent of the levels of summer 2019, but this pace has picked up in the last six weeks.

Customers from the UK market (Malta's largest), were the most advanced booked for Tui, with bookings up 11 per cent compared to summer 2019.

Additionally, holidaymakers are spending more money while they are away by staying on holiday for longer or by choosing a higher-quality hotel or room.

These statements came as part of Tui Group's financial results for the first half of 2022, which showed that the holiday bookings are recovering well from pandemic impacts.

The company made €4.5 billion in the first half of the financial year 2022 (which began in the final calendar quarter of 2021), up more than five times on the €716 million in the same period in 2021.

Mr Joussen added: "The high demand or travel and the very good business performance confirms our forecasts.

"2022 will be a good financial year. Capacity almost reaches pre-COVID level of 2019."