The Mediterranean holiday gets a haircut as Australians look for cheaper options
Tourism was facing a big hit as Australians were forced to reduce spending because of cost-of-living pressures, according to NAB data.
About two-thirds of people of the 2000 people the bank surveyed believed travel had become too expensive.
The bank said that 85 per cent of Australians had intentions to take a holiday in the next 12 months, but 60 per cent had cancelled or postponed their holiday in the past three months.
About 40 per cent had scaled back their plans with some opting for a domestic holiday rather than head overseas.
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NAB retail customer executive Tara Hartley said holidays were still high of the list of Australians but they were prioritising their spending.
“Australians think holiday plans have become much harder to budget for and they made conisdered changes to prioritise spending,” Hartley said.
“Australians are making considered changes to their travel plans and they might be swapping the Mediterranean for Maroochydore or Bali for Burnie.”
“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.”
