Would You Buy A Luxury Residence To Live On A Cruise Ship For Life?
What's your dream second home? Or, for that matter, primary residence?
Crescent Seas is betting that for 210 people, their dream getaway place will be on a cruise ship sailing the seven seas. The cruise ship Seven Seas Navigator will depart the Regent Seven Seas Cruises fleet (a division of Norwegian Cruise Lines) in late 2026, to be refitted and modernized as a luxury 'condo at sea.' The Navigator, which currently accommodates 490 guests in 255 cabins, will be redesigned and remodeled with 210 high-end residences.
The residences start with 98 371-square-foot efficiencies, selling for between $1.25 million and $1.5 million. The other units are all suites, with 12 different designs, priced by square footage. The largest unit will be approximately 2000 square feet with a 600 square foot balcony.
The largest units will sell for between $5 million to $8.5 million, according to CEO Russell Galbut, or around $3400 per square foot. He says, 'True luxury is obtainable. It's like having 210 private yachts within a 550-foot ship.'
Like condominiums or coops with a homeowners association fee (HOA) the residences on the updated Navigator will have a maintenance or cost of operations fee. Galbut says the fee will start at around $20,000 per month for smaller units. Owners can rent their suites for up to six months.
An artist's rendering of the pickleball court and sauna deck on the upcoming residence at sea on ... More board the renovated luxury residence Navigator.
'We picked this ship because it had physical common space, lots of it, for restaurants, a work center, a conference center, a huge spa, a library, and storage for stuff like scuba diving gear and bicycles to explore destinations.
'Our customers are people who want to discover the world. The ship will stay three days in port, not just for an afternoon. We have laid out itineraries for the next couple of years. Our residents can take their families around the world and successfully home school their children anywhere in the world via satellite communication.'
Galbut says the Navigator will be the first of three 'residential ships.' He did not disclose the purchase price, but it has been reported that Crescent Seas acquired Seven Seas Navigator as part of a $230 million deal with Norwegian Cruise Lines..
Crescent Seas recently bought a second ship, the Insignia, which it will acquire in 2027. The third ship, a custom-built vessel, is pegged for 2028.
The idea of a residence at sea is not new. The World by Villa Vie Residences has been sailing for 25 years, You can buy a 'villa at sea' and live aboard, or get a short-term rental.
An artist's conception of a residence on the upcoming Crescent Seas Navigator residential luxury ... More cruise ship.
More recently, I wrote about the Ulyssia, a brand-new ship being built from the ground up as a residence. Galbut says 'Ulyssia is really wonderful, but they don't have a residence under $10 million. Ulyssia has units that are $100 million.'
How many people can afford a multimillion dollar second or third home aboard a cruise ship? Perhaps more than you would think. As of 2022, there were 264,000 people in the world with assets of over $50 million, more than half of whom in the U.S.
Having built over 300 residential buildings, Mr. Galbut understands this market well. Born and raised in Miami Beach, he says, 'I started building condominiums in Miami in 1975, building homes in the sky. Back then, it took four days to get plans approved—today it would take a year.' He founded Crescent Heights in 1989, with Crescent Seas a recent off-shoot. He says, 'We have a huge organization and a deep bench.'
Galbut, 72, has both a law degree and is a certified accountant. He has spent most of his life as a real estate developer. Why switch to the cruise industry now, rather than retire and enjoy the good life?
Galbut says, 'I want to spend my time making people happy. What drives me is quality hard work, which I enjoy. So, a new company and a new industry.'
Artist's conception of the upcoming billiards room on the Navigator, which is becoming a luxury ... More residential cruise ship.
The developer is continuing to work in real estate. I met him at an event promoting both Crescent Seas and Five Park, a new luxury condominium tower. Five Park is said to be the tallest tower in South Beach Miami and the first new one delivered in the last ten years.
Co-developed by Russell Galbut and David Martin's Terra Group, Five Park shows off Galbut's penchant for public spaces, such as a co-working space and an on-site members-only social club, The Canopy Club, designed by Anda Andrei. Galbut says, 'We spend on architecture and design We even have our own art curator. The idea behind the designed spaces is to make people feel a part of a community.'
Galbut has been involved in the cruise industry for many years, as both a customer and a board member of a major cruise line.
'My wife and I have been cruising for 47 years. We really enjoy it. I was a customer, than an investor. I made an investment in Oceania, which was later bought by Prestige. (Oceania is now a brand of NCL.) When NCL bought Prestige, they asked me to be on the board. For 23 years I was on the board of NCL and was Chairman of the Board for six years.'
When the Navigator leaves NCL next year, Crescent Seas will wet lease the ship after it is renovated, with NCL providing the officers and crew, and updating the ship's electronic systems such as radar, navigation, etc. And as Galbut notes, 'Who gets better pricing for fuel than a big cruise line like NCL?' The Apollo Group, a leader in global cruise management and hospitality, will provide food and beverage service.
The Canopy Club at Five Park, a new residence in Miami Beach co-developed by Russell Galbut, who is ... More also the principal of Crescent Seas, the operator of luxury residences at sea.
In the cruise industry, most of the buzz is about the newest, biggest ships, such as Royal Caribbeans Icon of the Seas, launched in 2024 with a capacity of 7600 passengers and 2350 crew. But as Galbut puts it, 'I don't want to be on a ship with 10,000 people. I want to be on a ship like the Navigator.'
Still, the Navigator, built on the hull of a Russian research vessel, originally entered service in 1999, making it one of the oldest in NCL's fleet.
These ships have plenty of life left in them, says Galbut 'These ships have great bones. Their made out of many tons of steel. As long as they're maintained, they're fantastic. It's no different than converting an office building that's a hundred years old into a condominium.'
But for now, it sounds like Galbut can't wait to get his hands on the Navigator. 'Right now the ship is being used by Regent Seven Seas. In October the last passenger gets off in Cairo. It sails to Genoa for 54 days in dry dock, where 300 people will be working for Crescent Seas, breaking down the ship. Then it sails for Miami in December for the premiere. The finishing crew and the regular crew will be on board. Every suite, every bathroom gets redone, new electric, wall paper, furniture. We expect to be over 50% sold by the end of 2025.'
Artist's conception of the Compass Rose dining room aboard the Navigator, a luxury residence at sea ... More slated to sail starting in 2026.
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Vogue
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- Vogue
The Best Travel Pillows for Sound Sleep (and Spinal Alignment) at 30,000 Feet
For anyone who travels frequently—or has arrived at any destination with a neck crick and a creased face—the best travel pillows are a non-negotiable accessory. Take it from (very) frequent flier LaDell Carter, founder of luxury travel agency Royal Expression Travels. Passionate about in-flight wellness, Carter says that her rituals for 'maintaining peak performance at 30,000 feet' include Ayurvedic oils, 111Skin eye patches, and—always—a travel pillow. 'As someone who spends her life in the air, I can say with certainty that the right travel pillow can make or break a trip,' she says. 'It's the difference between arriving ready for a champagne lunch meeting in Paris or stumbling off the plane looking for the nearest bed.' Medical pros also endorse the plushy travel gear. 'A good travel pillow can save your neck, literally,' says board-certified orthopedic spine surgeon Dr. Hooman Melemed. 'I've actually seen patients come see me after a flight who've suffered pinched nerves from sleeping the wrong way—it can happen!' No one, of course, would want that, whether they're landing in Pittsburgh or Paris. To help stave off everything from poor sleep to pinched nerves, we've rounded up the best travel pillows below. These picks meet experts' standards for comfort, head-and-neck alignment, portability, and more. Safe travels! Best Travel Pillow for Beauty Rest: Slip Jet Setter Travel Pillow Slip Jet Setter travel pillow $135 AMAZON Why We Love It: Vogue editors have been known to stash Slip's silky hair ties at their desks and take them on runs. For home, the brand's pillows and sleep masks, famous for supporting beauty rest, are also editor-approved. When you're on the road, there's Slip's Jet Setter Travel Pillow: Swathed in 100% mulberry silk, the pillow makes it possible to hop off a crowded red-eye flight with dewy skin and soft, shiny hair. The secret is in the silk, which glides across the skin and hair instead of pressing into it, keeping creases, wrinkles, and breakage at bay. It's designed for convenience at every step—the lightweight pillow comes with a TPU carry-on case for easy portability. Vogue editors have been known to stash Slip's silky hair ties at their desks and take them on runs. For home, the brand's pillows and sleep masks, famous for supporting beauty rest, are also editor-approved. When you're on the road, there's Slip's Jet Setter Travel Pillow: Swathed in 100% mulberry silk, the pillow makes it possible to hop off a crowded red-eye flight with dewy skin and soft, shiny hair. The secret is in the silk, which glides across the skin and hair instead of pressing into it, keeping creases, wrinkles, and breakage at bay. It's designed for convenience at every step—the lightweight pillow comes with a TPU carry-on case for easy portability. Fabric: Mulberry silk Mulberry silk Fill Material: Cotton Cotton Colors: 3 3 Size: 9.8 inches (length) x 4.9 inches (width) 9.8 inches (length) x 4.9 inches (width) Care Instructions: Machine wash pillowcase; spot-clean pillow Best Travel Pillow for Neck Support: Ostrichpillow Go Memory Foam Travel Pillow Ostrichpillow Go memory foam travel pillow $69 NORDSTROM Why We Love It: Ostrichpillow's design adjusts to the contours of the spine to prevent your head from tilting or nodding mid-catnap. It also has an adjustable, hook-and-loop closure for a customizable fit, and comes with a travel pouch. 'This has a minimalist design that looks more like a chic accessory than a clunky U-shape,' Carter says. 'It compresses into its own bag, has a washable sleeve and breathable fabric, and a BASF memory-foam core that adapts to your neck.' She adds that the adjustable enclosure ensures a perfect fit, even for petite necks. Ostrichpillow's design adjusts to the contours of the spine to prevent your head from tilting or nodding mid-catnap. It also has an adjustable, hook-and-loop closure for a customizable fit, and comes with a travel pouch. 'This has a minimalist design that looks more like a chic accessory than a clunky U-shape,' Carter says. 'It compresses into its own bag, has a washable sleeve and breathable fabric, and a BASF memory-foam core that adapts to your neck.' She adds that the adjustable enclosure ensures a perfect fit, even for petite necks. Fabric: Spandex Spandex Fill Material: Memory foam Memory foam Colors: 6 6 Size: 27 inches (length) x 6.5 inches (widest width) 27 inches (length) x 6.5 inches (widest width) Care Instructions: Machine wash removable pillowcase Best Bon Voyage Gift: Gingerlilly Mulberry Silk Memory Foam Travel Pillow Gingerlily mulberry silk travel pillow $88 HARRODS Why We Love It: Jaunty green and white stripes rendered in buttery silk make Gingerlilly's pillow stylish enough to gift. But it's not all form over function: Filled with memory foam for a plushy feel, the pillow has a press-stud fastening to keep it secure. The mulberry silk also has its inherent perks. Not only does the fabric keep the skin and hair smooth, but it's also hypoallergenic and helps with temperature regulation. Jaunty green and white stripes rendered in buttery silk make Gingerlilly's pillow stylish enough to gift. But it's not all form over function: Filled with memory foam for a plushy feel, the pillow has a press-stud fastening to keep it secure. The mulberry silk also has its inherent perks. Not only does the fabric keep the skin and hair smooth, but it's also hypoallergenic and helps with temperature regulation. Fabric: Mulberry silk Mulberry silk Fill Material: Memory foam Memory foam Colors: 1 1 Size: 30 cm (height) x 30 cm (width) x 9 cm (depth) 30 cm (height) x 30 cm (width) x 9 cm (depth) Care Instructions: Hand wash Best Travel Pillow for Winter Travel: Buffy Nook Pillow Why We Love It: This fuzziest, coziest of pillows deserves space in your carry-on for wintertime trips (or for layovers in overly air-conditioned spots.) With a recycled sherpa cover that feels like a warming snuggle on the neck, the pillow has eco-friendliness in its DNA. Its recycled PET fill is GRS-certified and BPA-free—and according to the brand, each pillow uses up approximately 25 recycled bottles. Buffy's travel pillow comes in three earthy hues, each created with water-saving dyes. This fuzziest, coziest of pillows deserves space in your carry-on for wintertime trips (or for layovers in overly air-conditioned spots.) With a recycled sherpa cover that feels like a warming snuggle on the neck, the pillow has eco-friendliness in its DNA. Its recycled PET fill is GRS-certified and BPA-free—and according to the brand, each pillow uses up approximately 25 recycled bottles. Buffy's travel pillow comes in three earthy hues, each created with water-saving dyes. Fabric: Sherpa Sherpa Fill Material: Sateen-weave TENCEL lyocell shell, GRS-certified, BPA-free recycled PET fill Sateen-weave TENCEL lyocell shell, GRS-certified, BPA-free recycled PET fill Colors: 3 3 Size: 20.5 inches x 18 inches x 6 inches 20.5 inches x 18 inches x 6 inches Care Instructions: Cover: machine wash cold, lay flat to dry; Insert: dry clean only Best Travel Pillow for Long-Haul Flights: Cabeau Evolution S3 Travel Pillow Cabeau Evolution S3 travel pillow $40 AMAZON Why We Love It: In for the long haul? Buckle up (literally) with Cabeau's precisely engineered travel pillow. Designed with the brand's Strap Seat System, the pillow has a seat strap to prevent head drop and keep the airways unrestricted. It also includes an adjustable clasp for a customized fit—plus a memory-foam fill that contours to the neck. For yet another convenient plus, the product has a built-in storage compartment to hold earbuds and other teeny travel essentials that are otherwise easy to lose. 'What sets this apart from every other travel neck pillow is that set of straps that loop around the back of an airplane or car seat. This lets you attach it securely, preventing your head from flopping forward or bobbing from side to side while you catch some sleep in the upright position,' says Dr. Leah Kaylor, a licensed clinical and prescribing psychologist and sleep expert. 'This is a lifesaver on long flights! It also has a drawstring in front to keep your neck from falling out of the pillow. It's worth its weight in gold in my opinion.' In for the long haul? Buckle up (literally) with Cabeau's precisely engineered travel pillow. Designed with the brand's Strap Seat System, the pillow has a seat strap to prevent head drop and keep the airways unrestricted. It also includes an adjustable clasp for a customized fit—plus a memory-foam fill that contours to the neck. For yet another convenient plus, the product has a built-in storage compartment to hold earbuds and other teeny travel essentials that are otherwise easy to lose. 'What sets this apart from every other travel neck pillow is that set of straps that loop around the back of an airplane or car seat. This lets you attach it securely, preventing your head from flopping forward or bobbing from side to side while you catch some sleep in the upright position,' says Dr. Leah Kaylor, a licensed clinical and prescribing psychologist and sleep expert. 'This is a lifesaver on long flights! It also has a drawstring in front to keep your neck from falling out of the pillow. It's worth its weight in gold in my opinion.' Fabric: Memory foam polyester Memory foam polyester Fill Material: Memory foam Memory foam Colors: 4 4 Size: 9.5 inches (length) x 10 inches (width) 9.5 inches (length) x 10 inches (width) Care Instructions: Removable, machine-washable cover Best Affordable Travel Pillow: Napfun Travel Pillow Why We Love It: Friendly on the budget—and the neck—Napfun's versatile pillow comes with a carry case and an adjustable string closure. Designed to accommodate any type of sleeper (in any type of liminal setting), the pillow has head support for those prone to nodding, raised edges for side sleepers, and a thickened back to cradle the neck of back sleepers. What's more, its machine-washable cover is made with a breathable, polyester-spandex hybrid that's soft and gentle on the skin. 'This one is great because it's not too pricey and it's a memory-foam option that provides chin and neck support to keep your neck aligned,' Dr. Melemed says. 'It's also easy to travel with because it's lightweight.' Friendly on the budget—and the neck—Napfun's versatile pillow comes with a carry case and an adjustable string closure. Designed to accommodate any type of sleeper (in any type of liminal setting), the pillow has head support for those prone to nodding, raised edges for side sleepers, and a thickened back to cradle the neck of back sleepers. What's more, its machine-washable cover is made with a breathable, polyester-spandex hybrid that's soft and gentle on the skin. 'This one is great because it's not too pricey and it's a memory-foam option that provides chin and neck support to keep your neck aligned,' Dr. Melemed says. 'It's also easy to travel with because it's lightweight.' Fabric: Polyester and spandex Polyester and spandex Fill Material: Memory foam Memory foam Colors: 15 15 Size: 10 inches x 10 inches 4 inches 10 inches x 10 inches 4 inches Care Instructions: Machine wash removable cover Best Compact Travel Pillow: Trtl Travel Pillow Why We Love It: Trtl's nontraditional pillow has a patented internal support system, made of hard plastic, that's wrapped in a cozy swath of hypoallergenic fleece. Lighter than an iPhone, the pillow wraps around the neck like a scarf with adjustable tightness and holds the spine in an ergonomic position to prevent strain. It's packable and easy to carry; but if you want to go hands-free, the pillow comes with a carry-on bag. Trtl's nontraditional pillow has a patented internal support system, made of hard plastic, that's wrapped in a cozy swath of hypoallergenic fleece. Lighter than an iPhone, the pillow wraps around the neck like a scarf with adjustable tightness and holds the spine in an ergonomic position to prevent strain. It's packable and easy to carry; but if you want to go hands-free, the pillow comes with a carry-on bag. Fabric: Hypoallergenic fleece Hypoallergenic fleece Fill Material: Patented, hard plastic internal support Patented, hard plastic internal support Colors: 4 4 Size: 8.7 inches x 9.5 inches x 3.6 inches 8.7 inches x 9.5 inches x 3.6 inches Care Instructions: Machine wash removable cover cold Best Travel Pillow for Road Trips: Lunya Mulberry Washable Silk Travel Pillow Why We Love It: Lunya's silky travel pillow supports beauty sleep in any kind of vehicle. With straps that fasten onto headrests in cars or planes, the versatile pillow is made with skin-and-hair-loving fabric and filled with cushy, recycled polyester. (It also comes with additional filling you can tweak to your preference, lest your travels call for a firmer nap.) The pillowcase zips up for easy removal and filler insertion, and—in case you can't tell from the name—it's easy to wash, by hand or machine. 'This is part of a full travel set we often gift to clients,' Carter says. 'The silk is gentle on skin and hair, the cover is machine-washable, and paired with the PJ set and silk eye mask, it turns any flight into a personal wellness retreat. It's as functional as it is indulgent.' Lunya's silky travel pillow supports beauty sleep in any kind of vehicle. With straps that fasten onto headrests in cars or planes, the versatile pillow is made with skin-and-hair-loving fabric and filled with cushy, recycled polyester. (It also comes with additional filling you can tweak to your preference, lest your travels call for a firmer nap.) The pillowcase zips up for easy removal and filler insertion, and—in case you can't tell from the name—it's easy to wash, by hand or machine. 'This is part of a full travel set we often gift to clients,' Carter says. 'The silk is gentle on skin and hair, the cover is machine-washable, and paired with the PJ set and silk eye mask, it turns any flight into a personal wellness retreat. It's as functional as it is indulgent.' Fabric: Washable mulberry silk Washable mulberry silk Fill Material: Recycled polyester Recycled polyester Colors: 2 2 Size: 17 inches x 11 inches x 5 inches 17 inches x 11 inches x 5 inches Care Instructions: Handwash or machine-wash the removable pillow cover, lay flat to dry Best Luxe Travel Pillow: Zegna Navy Blue Oasi Cashmere Travel Set Zegna Oasi cashmere travel set $1,060 ZEGNA Why We Love It: Complete with cashmere socks, a cashmere travel pillow, and a sleeping mask in the same sumptuous fabric, Zegna's set wraps you in a cloud of soft luxury… even in less-than-luxe settings, like a middle seat or a plane stranded on the tarmac. This alone makes the giftable set worth the splurge, and the appeal of its contents doesn't end after the flight. Even at home, a night of sleep with a cashmere mask is bound to make dreams silkier and sweeter. 'Zegna is a personal and family favorite—my son loves the brand as much as I do,' says Carter. 'The craftsmanship, texture, and even the packaging are exquisite. Cashmere is an entire mood in the air. The only caveat is that it requires special care when cleaning, so travelers should keep that in mind.' Complete with cashmere socks, a cashmere travel pillow, and a sleeping mask in the same sumptuous fabric, Zegna's set wraps you in a cloud of soft luxury… even in less-than-luxe settings, like a middle seat or a plane stranded on the tarmac. This alone makes the giftable set worth the splurge, and the appeal of its contents doesn't end after the flight. Even at home, a night of sleep with a cashmere mask is bound to make dreams silkier and sweeter. 'Zegna is a personal and family favorite—my son loves the brand as much as I do,' says Carter. 'The craftsmanship, texture, and even the packaging are exquisite. Cashmere is an entire mood in the air. The only caveat is that it requires special care when cleaning, so travelers should keep that in mind.' Fabric: 100% cashmere with calf-leather details 100% cashmere with calf-leather details Colors: 2 2 Size: Not disclosed Not disclosed Care Instructions: Do not wash or dry-clean, use any solvent except tetrachloroethylene; do not tumble dry, dry flat Best Customizable Travel Pillow: Infinity Pillow Why We Love It: Shaped like a Möbius strip, the Infinity Pillow has an octopus-like ability to shapeshift based on its environment. Whether you need neck and lumbar support in an aisle, middle, or window seat, the customizable pillow can twist to accommodate your go-to sleeping position. It can also be used as an eye mask, or (in the case of loud seatmates) as a noise-muffling pillow. (Just wrap it around your ears, and voila.) Available in 10 peppy hues, including bubblegum pink and robin's egg blue, the pillow's bamboo fabric is breathable, soft, and temperature-regulating. Shaped like a Möbius strip, the Infinity Pillow has an octopus-like ability to shapeshift based on its environment. Whether you need neck and lumbar support in an aisle, middle, or window seat, the customizable pillow can twist to accommodate your go-to sleeping position. It can also be used as an eye mask, or (in the case of loud seatmates) as a noise-muffling pillow. (Just wrap it around your ears, and voila.) Available in 10 peppy hues, including bubblegum pink and robin's egg blue, the pillow's bamboo fabric is breathable, soft, and temperature-regulating. Fabric: Bamboo Bamboo Fill Material: Polyester Polyester Colors: 10 10 Size: 33.5 inches x 6 inches unfolded; 7.5 inches x 7.5 inches x 6 inches folded 33.5 inches x 6 inches unfolded; 7.5 inches x 7.5 inches x 6 inches folded Care Instructions: Machine wash in a low temperature in a mesh laundry bag; do not tumble dry Everything You Need to Know:
Yahoo
4 hours ago
- Yahoo
French consumer inflation confirmed at 0.9% in July
(Reuters) -Consumer price inflation in France was stable in July and met analysts' expectations and the preliminary reading, statistics office INSEE said on Thursday. France's harmonized inflation rate, adjusted for comparison with other euro zone countries, was +0.9% year-on-year in July, INSEE said. A poll of 17 analysts surveyed by Reuters had on average expected the +0.9% rate for EU-harmonised inflation. INSEE reported the same figure in its preliminary reading. The consumer inflation rate was also at +0.9% year-on-year in June. Sign in to access your portfolio
Yahoo
5 hours ago
- Yahoo
No holiday for 42 million EU workers: Where is holiday the most unaffordable in Europe?
In 2023, 15% of employed people in the EU were unable to afford a one-week holiday away from home. While this percentage might not appear very high at first glance, it represents around 42 million workers. In each of the EU's "Big Four" economies (Germany, France, Spain and Italy), over 5 million workers were unable to afford a week-long holiday according to Eurostat data published by the European Trade Union Confederation (ETUC). 'Taking a break with family or friends is important for our physical and mental health, and it is a basic part of the European social contract,' said ETUC General Secretary Esther Lynch, criticising the situation. Holiday poverty among workers continues to rise Holiday poverty among workers is on the rise across the EU, marking the third consecutive annual increase. In 2022, 40.5 million employed people reported being unable to afford a one-week holiday away from home. That number rose to 41.5 million in 2023—an increase of over one million workers in just a year. The share of affected workers grew from 14% to 15%. 'The findings are the result of an increasingly unequal economy, in which workers are forced to give up their holidays due to rising costs for accommodation, transport and food, combined with declining purchasing power and speculation', the ETUC stated. Related The cost of love: Europe's most expensive and cheapest cities for a date Cost of living: Which are the cheapest and most expensive countries in Europe? East-West gap in holiday affordability for workers The data reveals a strong disparity in holiday affordability across the EU, particularly between Eastern/Southern Europe and Western/Northern Europe. Romania tops the list, with 32% of workers unable to afford a one-week holiday. Close behind are Hungary (26%), Bulgaria (24%), Portugal and Cyprus (both 23%), and Slovakia (22%). The Nordic countries—Finland, Sweden and Denmark—along with the Netherlands, Luxembourg, and Slovenia, report the lowest levels of holiday poverty, ranging between 5% and 7%. Czechia, Austria, and Belgium reported holiday poverty rates at or below 10%. Despite their economic weight, even the EU's largest economies report concerning levels of holiday poverty. Among the EU's Big Four, Spain (18%) and Italy (17%) exceed the EU average of 15%. France (12%) and Germany (11%) fall below the average, but both still remain above 10%. EU's Big Four: Over 5 million workers in each country can't afford a holiday Absolute figures speak louder than percentages. Over 5 million workers in each of the EU's Big Four were unable to afford a holiday in 2023. In Italy, the number stood at 6.2 million, followed by 5.8 million in Germany, 5.6 million in Spain, and 5.1 million in France. Over 3.5 million workers in Romania and Poland also couldn't afford a holiday. This figure was more than 1.5 million in Hungary and Portugal. In Austria and the Netherlands, over 550,000 workers couldn't afford even a one-week holiday despite being employed or having a business. 'After working hard all year, it is the least working people should be able to expect to afford and should not be allowed to become a luxury for the few,' Lynch said. 'However, these figures show that Europe has a quality jobs emergency and that our social contract is continuing to crumble as the result of growing economic inequality.' Related China rare earth exports to the US surge 660% after trade agreement The Big Question: Do companies need to re-evaluate how they set climate goals? Is holiday poverty linked to income? There is a moderately strong negative correlation between the share of workers who cannot afford a one-week holiday away from home and annual net earnings. This means that as net earnings increase, the proportion of workers unable to afford such a holiday tends to decrease. However, since the correlation is moderate, it also indicates that in some countries, this relationship is not strong or does not follow the overall trend as closely. For example, Ireland (€43,897) had one of the highest annual net earnings in the EU in 2023, yet holiday poverty remains comparatively high. In contrast, Slovenia has a low level of holiday poverty among workers, even though the incomes are similar to countries where more people struggle to afford a holiday. Related Win for the crypto industry: US passed the first major bill to regulate digital assets Strong correlation between workers and general population By comparing workers (aged 15-64) and the general population aged 16 and over, Euronews Business found a strong correlation: the higher the rate of workers who cannot afford a holiday, the higher it tends to be in the overall population. In 2023, among the general population, the share of people unable to afford a one-week holiday ranged from 11% in Luxembourg to 60% in Romania, while the EU average stood at 29%. This suggests that the rate among the general population is nearly double that of workers. Experts speaking to Euronews Business had noted that differences between countries are largely tied to the strength of their economies. The level of disposable income plays a key role, as it directly affects people's ability to spend on holidays—particularly when looking at figures for the general population. The ETUC calls on national governments to fully implement the Minimum Wage Directive and urges the European Commission to ensure that the Quality Job Package due this year includes legislation to rebalance the economy—making respect for collective bargaining a condition for access to public contracts. Solve the daily Crossword
