Aussie holidaymakers keen to shop overseas
The strength of the Aussie dollar continues to encourage people from down under to embark on major shopping sprees in foreign countries. Retailers in Australia are finding it increasingly difficult to compete with online merchants, who can afford to sell their products far more cheaply. According to bosses at BIS Sharpnel, holidaymakers are also loading up prepaid travel cards with dollars before splashing the cash in boutiques and stores overseas, Property Observer reports. One in ten Aussies plan to go abroad in 2012, recent statistics compiled by Roy Morgan Research suggested and their spending power is said to be at its strongest for five years. Figures released by the Australian Bureau of Statistics also confirmed that 7.8 million foreign holidays were taken in 2011, which was up by two million compared with 2010. There are plenty of places for Aussies to go to indulge in some retail therapy, with Milan, Paris, London and New York among the best shopping cities in the world. With the Aussie dollar performing so well against the US equivalent, sterling and the euro, there are lots of bargains to be had when visiting these areas. Have a question about travel money? Ask the money gurus at Mozo Answers.