New NAB data reveals that – no – not everyone you know is holidaying in Europe or Bali right now, as higher travel costs coupled with the rising cost of living have seen Aussies become more considered consumers.
Despite social media-driven FOMO (fear of missing out) kicking in this winter, Australians are re-assessing their holiday plans and have made considered changes to their travel this year. NAB data shows:
- While 85% of Australians have holiday intentions over the next 12 months, around 2 in 3 have either cancelled or postponed their holiday in the last three months.
- Around 4 in 10 have scaled back their plans, with some choosing to holiday domestically instead of overseas.
- Nearly two thirds of people think travel and holidays have become more expensive.
- By making changes to their holiday plans, Australians are estimated to have made average monthly savings around $392.
NAB Retail Customer Executive Tara Hartley said Australians are prioritising their spending and, while holidays were high on the list of ‘wants’ over the next 12 months, many had changed their plans this year.
“You could be forgiven for doom scrolling through social media in the depths of winter thinking everyone you know is overseas holidaying in the sun or the crystal blue waters of the Mediterranean,” Ms Hartley said.
“While you might have some FOMO from travel pics, it might be reassuring to know you’re not the only one making sensible spending decisions, with data showing two thirds of Australians have made changes to their plans due to rising costs.
“Just like grocery bills and filling up the car have become more expensive, Australians think holiday plans have become much harder to budget for and they’ve made considered changes to prioritise spending.
“Australians are making considered changes to their travel plans and they might be swapping the Mediterranean for Maroochydore or Bali for Burnie.”
More than 600,000 NAB customers have used the new Spending Insights feature inside the app to do a deep dive on how and where they’re spending their money and breaking down their budgets into categories like subscriptions, food and drink, health and fitness and – yes – even travel.
“Australians are closer to their money than they’ve been in a long time and they’re prioritising their spending based on what they value most,” Ms Hartley said.
Source : NAB