New research from ALL, Accor’s booking platform and loyalty programme, reveals Kiwis are sitting on a potential $299 million NZD in unspent foreign currency*, with nearly two thirds (64%) of international travellers admitting to having leftover holiday money tucked away at home.
The national study, conducted earlier this month among 250 New Zealanders who have travelled overseas, revealed that almost half (47%) of those holding foreign currency are keeping up to $49 NZD in leftover foreign currency since returning abroad, while 17% have between $100 and $199 NZD squirreled away.
The lure of international travel continues for younger Kiwis, despite costs biting
Despite the rising appeal of international travel, many Kiwis remain cautious, with only 44% of those surveyed having travelled abroad in the past year. However, younger Kiwis are leading the charge, with 55% of travellers aged 18-34 reporting overseas trips in the last 12 months.
92% of Kiwis are still opting to carry physical cash in the destination currency when travelling abroad, despite the plethora of cashless travel money cards available. Money-savvy Kiwis are carrying cash primarily for smaller purchases such as food and drinks (67%), and over a third (38%) say they use cash to avoid international card transaction fees. In addition, more than half (57%) say they hold cash specifically for spending at local markets.
Accor Pacific Chief Operating Officer PM&E, Adrian Williams, said: “As New Zealand’s largest hotel operator, we’ve witnessed a resurgence in international travel, particularly with young Kiwis, and it’s eye-opening just how much foreign currency is left unused after a trip. Through the World’s Best Exchange Rate, we’re helping Kiwis think differently about putting those spare dollars to good use – every dollar donated will go directly to Cure Kids, supporting vital research for big breakthroughs in child health.”
Don’t dream it’s over: the real reasons we’re holding onto our foreign currency
It seems we’re a sentimental bunch when it comes to our travel money – in fact, half of Kiwis (50%) report holding onto foreign currency in the hope of using it when they return to the same country, while 18% keep foreign currency as a souvenir.
Meanwhile, one quarter (27%) of Kiwis travelling abroad find the amount too small to bother exchanging, so it simply stays tucked away.
New Zealanders tend to keep their leftover currency close at hand, with 43% stashing it in drawers, 25% in containers, and 9% in their passport holders – suggesting that even small amounts of foreign cash continue to carry value, whether for practical or sentimental reasons.
Introducing the World’s Best Exchange Rate
Based on the results from the study and the vision of travel of ALL, making life and travel simpler and more responsible, ALL is launching a pop-up “currency exchange” booth in Auckland. Offering Kiwis’ ‘The World’s Best Exchange Rate’, the pop up opens the opportunity to donate their loose change foreign currency and/or the opportunity to exchange their details by signing up to ALL for the chance to win a holiday at various locations across the Pacific, including Sydney, Melbourne, Brisbane, Port Douglas, Queenstown, Fiji and more.
All currency donated will go to the Cure Kids charity. Donation is not necessary to participate in the prize draw and Kiwis who can make it down have the chance to win exciting holiday prizes by signing up to ALL.com. Visit https://all.accor.com/a/en/offers/meapac/worlds-best-exchange-rate.html for more information.
WHAT YOU NEED TO KNOW:
- AUCKLAND:Mövenpick Hotel Auckland
o 21 & 22 November, 2024
o 8:00AM to 6:00PM (NZDT)
Discover the ALL End of Year Offer for more exciting holiday deals for all the travellers in you
Adding to the excitement, ALL is launching its End of Year Offer, giving travellers the chance to plan their next adventure for less. Travellers can enjoy up to 15% off stays of two nights or more across New Zealand, with members of ALL receiving an additional 5% off and Accor Plus members saving an extra 10%.
The offer is available to book from now until 15 January 2025, for stays between 14 November 2024 and 27 April 2025.
From luxury to economy, Accor operates 15 international brands and 40+ hotels across New Zealand, including Sofitel, MGallery, Pullman, Mövenpick, Grand Mercure, Peppers, The Sebel, Mantra, Novotel, Mercure, BreakFree, ibis, ibis Styles and ibis budget, as well as Ennismore’s SO/.
Visit https://all.accor.com/a/en/offers/meapac/members-private-sale.html.
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