Aussie travellers will break the bank to take a holiday this year
New research by Suncorp Bank shows one in three Australians won’t save at all for their holidays this year and one in five will take no annual leave.
Two thirds of Aussies are expected to holiday domestically this year, with a forecasted $54 billion pumped into the Australian tourism industry, equating to $9,000 per household, according to Suncorp Bank’s Holiday Habits Report.
However, the report revealed not enough holiday-goers are budgeting before they pack their bags, with three million Australians (13%) putting up to 100% of their holidays on credit, with Gen X rated as the highest credit card holiday users.
One in five Australians are still paying off their holidays up to three months after returning and some are left paying off holidays for more than a year.
Suncorp Bank’s regional manager Monique Reynolds said the results show a trend for Australians to take multiple, short term holidays throughout the year in more affordable and accessible destinations, rather than saving their dollars and annual leave for that one long international trip.
“The popularity of last minute deals and specials are seeing Australians booking flights and accommodation more spontaneously than in the past, without necessarily considering their budget.”
The slightly lower Aussie dollar has made overseas holidays more expensive and the study showed Queensland emerging as the new family preference.
Reynolds said, “Queensland’s beaches are a big drawcard with relaxation being Australia’s top reason to holiday. It’s estimated 3.6 million Australians will holiday in Queensland this year, injecting $12.5 billion into the local economy.”
Reynolds advised planning and budgeting ahead of time for a holiday, even a short domestic break, means you won’t be left paying off holidays for months after your tans fade.
So before you jet-set, check out Mozo’s money hub here to land yourself the ultimate travel money deal and avoid post-holiday debt.