New research from iSelect has revealed just how far Australians are willing to go to secure their next getaway, with 55% cutting back on dining out and 46% reducing takeaway meals.
The survey highlights that Australians are reprioritising their spending to fund travel and leisure, even as living costs remain high, with entertainment (41%) and clothing (39%) the next most common cutbacks on Australia’s budget list.
As part of their spring finance cleaning, 30% of Australians said they’ll review their travel and leisure spending, a clear sign that many households are reconsidering how and where they spend their holiday dollars.
With warmer weather and a wet season forecast ahead, the survey found that more than one-third of Australians (34%) plan to opt for more affordable, local getaways or day trips instead of pricier holidays.
Sophie Ryan, iSelect spokesperson, said that “Australians are passionate travellers, but rising costs are forcing many to get creative with their budgets.
“Whether that’s swapping overseas trips for local escapes or cutting back on everyday luxuries, it’s clear that holidays remain a priority, and people are willing to make sacrifices elsewhere to afford them.”
There were 1,819,770 overseas departures in July – an increase of 10.3% year on year according to latest figures from the Australian Bureau of Statistics.
The five most popular destinations included Indonesia, New Zealand, the United Kingdom, United States and Thailand. .
iSelect’s research displays a broader shift among Australians towards mindful spending and “value for money” holidays, with Ms Ryan encouraging travellers to also compare and review their travel insurance and other household expenses to ensure they’re getting the best deal.
“With so many Australians looking for any way to cut costs to afford a holiday, it’s also a great time to review your travel insurance and other household expenses to make sure you’re getting the best deal,” Ryan said.
“A few smart comparisons across things like insurance, utilities and streaming services could potentially free up hundreds of dollars a year, money that could go directly towards your next getaway. Not only can comparing help you save, but it can also give you the confidence that you’re adequately covered and getting value for money, so you can truly relax and enjoy your holiday.”
Reviewing or upgrading travel insurance, understanding policy inclusions and exclusions, and comparing prices can help Australians travel with confidence, whether they’re planning an overseas escape or a local weekend away.
