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If you have enjoyed the discounts on holidays that last minute deals can bring then there is some bad news ahead. Tui has axed its cut-price late deals. In the past, those who werent tied to school holidays or had the flexibility to travel as very short notice have been able to bag a bargain when it comes to travel. However this year, as customers demand for summer holidays surges, the tour operator has said it will not be offering cut-price late deals as bookings rise above pre-pandemic levels. Chief executive Fritz Joussen said the company will maintain its current pricing, unlike in previous years when holiday costs have been slashed to dispose of any remaining places. He said: There will be practically no last-minute deals for this summer. READ MORE: Ryanair clarify face mask rules for Greece, Portugal, Italy, Spain, Malta and more In a move that will disappoint many, the TUI chief exec added: Over the past six weeks, weve seen demand beyond 2019. We want to keep that momentum but arent going to suddenly shift to discounting. While summer discounts may off the table this year, the firms website does show some current last minute deals. We discovered some amazing discounts for those able to travel virtually immediately and dont mind which airport they start from. For instance, currently being advertised on the Tui website is a 7 night break in Zante, Greece for £171 per person - a whooping £262 cheaper than the brochure price. Youd need to be ready to travel from London Gatwick on Friday, May 13, but this room only deal for a 3T holiday appears to be a cracking deal. Flying from an airport closer to home - and with a bit more notice on dates - theres a self-catering holiday to Skiathos in Greece on Friday, May 20. Flying from Birmingham the seven night break would cost you £175 per per rather than £565 per person. Flying from East Midlands, there are a selection of heavily discounted deals to be snapped up including 7 nights in Zante on Friday, May 13, for £179 per person instead of £435 per person. And a week later in Skiathos in Greece for £198 per person instead of £517 per person. Taking about summer holiday costs, Tui said prices for this summer had risen by 20 per cent, but bosses stressed any increases were driven by customers choosing longer holidays and more expensive trips, including five-star hotels, as many people travel again for the first time since the coronavirus pandemic. It came as the company more than halved its losses for the past six months as the rebound in customer numbers accelerated and bookings jumped. TUI said it expects a strong summer and the group has already achieved 85 per cent of the booking levels achieved in summer 2019, before it felt the impact of the pandemic. The travel firm said its UK operation continues to lead the way for summer bookings, which currently show an 11 per cent increase against the levels seen in summer 2019. It has been buoyed by holidaymakers booking more at short notice and also spending more money on each trip. Tui, Jet2, Ryanair and Easyjet issue important passport updates TUIs CEO has warned holidaymakers not to expect any last-minute deals this summer as the TUI group reported a positive half-year report. Fritz Joussen said that demand for travel had rebounded and that over the last six weeks, TUI group had seen demand levels higher than those for the same period in 2019. With such high levels of demand, airlines have little need to lower prices to stimulate additional demand. Higher costs for airlines are also likely to limit the scope businesses have to offer widespread discounts. The group has undertaken an aggressive plan to cut its costs before 2023. Photo: Jake Hardiman. TUI predicts a return to profitabilityTUI revealed that summer 2022 bookings are currently at 85% of summer 2019 levels in its half-year report. However, bookings in the last six weeks have firmly surpassed those of 2019. The UK market, in particular, remains the most advanced for the group, with bookings up 11% versus summer 2019. In May 2020, the group announced that it would aim to make permanent targeted savings of $420 million (€400 million) per year by 2023. The group has achieved 60% of these goals so far, with the markets and airlines section of the group accounting for 85% of those savings. The group has also managed to half its losses compared to a year ago. The company reported an earnings loss of $642 million (£525 million) for the half-year to March 31, following a $1.3 billion (£1.11 billion) loss for the same period a year earlier. As a result of that turnaround and a boom in demand, shareholders have been told the business could return to profit by the end of the year. The group has said, however, that due to the war in Ukraine and the risk posed by possible higher levels of inflation, it is not in a position to make a definite forecast for 2022. The UK market has proved a success for the airline. Photo: Arran Rice. Unfortunately for travelers, TUIs decision to not offer any special offer low fares this summer is likely to be the rule and not the exception. The industry is facing a perfect storm of issues that are limiting its ability to keep up with demand and that are forcing prices upward. The price of fuel is the single largest cash outflow for airlines, accounting for anywhere between 30% and 60% of expenditure. Jet fuel prices have risen by over 100% compared to last year due in part to the war in Ukraine. This rise is already resulting in higher fares for passengers and reduced profits for airlines. The sector is also seeing its labor prices soar as airlines struggle to recruit the number of workers they need to deal with the expansion in demand. During the height of the pandemic, many airlines slashed their staff numbers. As demand has returned, many airlines havent been able to attract enough workers. This has led to flight cancellations and even a reduction in the number of seats on some aircraft. Rising inflation is also biting into operating profits and forcing many airlines to contemplate a summer price raise rather than a price drop. What do you think of the announcement by TUI? Let us know in the comments below.
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