1 in 3 Australians prefer to splurge on travel
We’d rather put our money towards our next holiday than shopping and dining out.
We all know that Aussies love travelling, but it’s also our favourite way to spend our money according to new research from KAYAK.com.au. The survey revealed that one-third of Aussies prefer to fork out cash on travel over other leisurely purchases including dining out (23%) and shopping (12%).
Considering it’s our favourite way to spend our cash, it’s interesting that only around half of Aussies regularly put money away to save for their holiday. Meanwhile, only one in three pull back on shopping and going out to bolster their holiday savings.
If Australians aren’t saving in advance for their holidays, how can they afford these getaways? According to the research, Aussies resort to everything from selling personal items to taking up an extra job to fund their travel. 12% of Aussies sell their belongings online or at flea markets to get some extra cash in the lead up to their trip. Another 12% pay for their holidays in instalments, while 10% pick up an extra job in the time leading up to the holiday. 7% borrow money to fund their holiday, whereas 5% let out their home while they are away to make some extra cash.
The survey also revealed where Aussies try to cut back costs while on holiday. Accommodation is where Aussies really like to be savvy (38%), shortly followed by shopping (37%) and plane fare (36%).
“We know that Aussies are travel savvy and also price sensitive as almost 60% considered ‘price’ as the most important factor when purchasing airfares,” said Kayak’s country head of Australia and New Zealand Robin Chiang.
However, it appears we are not so “price sensitive” when dining out and seeking adventure on holiday. Only a quarter of respondents admitted to looking for cheaper alternatives when going out (26%) or sightseeing (22%). In fact, almost two-thirds of Aussie travellers are willing to spend more when eating out on holiday than when they’re at home.
According to recent research from finder, Aussie travellers also have a knack for returning home with unused foreign currency from their trip. According to the survey, 66% of Aussies return with an average of $184 in leftover currency.
Although Aussies are price sensitive and love travelling, it appears that we could get better at organising our travel money in advance before we jump on the plane. If you need help preparing your cash before your next trip, check out finder’s guide to travel money to compare some of the ways you can organise and take your money overseas.