The financial viability of travel companies is consumers’ greatest concern around future travel plans, according to a survey of 1,000 people.

But the industry has been tipped to bounce back strongly and reshape as a result of the Covid-19 pandemic.

The survey by holiday home insurer Schofields found that 51% listed their travel firm failing as their greatest concern, followed by personal health and safety at 35%.

Holidays being more expensive was the main concern of 9% of respondents, while 3% listed a possible lack of good-value travel insurance products.

Phil Schofield, head of inbound marketing, said: “Back in March, travellers weren’t too concerned about their future holiday plans when the outlook appeared that they simply needed to delay trips for a couple of months.

“Now it has become clear that the effects of Covid-19 will be felt well into 2021, both in terms of personal health while travelling and the financial status of travel companies.

“After months of confinement, people are already dreaming of getting a break away in 2021, but the risk of airlines and holiday companies cancelling flights and bookings is just another thing they don’t need to add to their mental load.

“Risks to personal health is obviously also a priority for many, but hopes for a vaccine by the time we reach peak holiday season in 2021 means this isn’t top of the list of fears for most.”

Schofield added: “Though on the surface this all seems quite negative, the lockdown will shape the travel industry in new and exciting ways over the next five to 10 years.

“It’s become clear that not only do we travel for good weather, but for new experiences, and it’s absolutely crucial for travellers to make connections with the culture of the location they travel to.

“We believe that travel is the bright spark in people’s futures and travel companies are doing their utmost to come back better than ever before.”