Millions are finding ways to travel despite reduced budgets - but are still planning two trips abroad in 2023

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A study of 2,000 holidaymakers found 47 per cent are open to making changes to the way they holiday if it means they can still get away amid the cost-of-living crisis.

Nearly half (46 per cent) of those who are making changes due to a reduced budget will go for a shorter period, while 35 per cent will opt for short haul rather than far-flung destinations.

And with the average traveller having £300 less in their holiday kitty for their next trip, 47 per cent now feel more pressure than ever to ensure their holidays offer value for money.

But despite facing budget constraints, the research, which was commissioned by loveholidays, found 55 per cent are still excited about the prospect of holidaying abroad next year.

Nearly six in 10 (59 per cent) are determined to be just as adventurous with their holiday plans, while 28 per cent do not want to compromise on experiencing new cultures even if they are struggling to stretch their budgets.

Al Murray from the online travel agent, which has compiled its insider tips for booking a trip, said: “In light of the current economic situation, it’s understandable that people want to get the best value for their money when it comes to their holidays.