Aussies foregoing holidays – survey
Almost half of those surveyed by Australia’s leading holiday destination website say they would pay off debt rather than spend a cash windfall on travel, the first major poll on the issue has revealed.
The result indicates that increasing financial pressure on households from soaring fuel costs and a 0.25 per cent interest rate is harming the domestic tourism industry which is facing stagnant growth.
The survey, involving more than 2900 respondents and conducted by totaltravel.com, asked if you received an unexpected windfall of $1000, how would you spend it?
Despite having logged on to a travel website, only 51 per cent said they would put the money towards a holiday with 40 percent saying they would use it to pay off loans or credit card debt.
The remaining 9 per cent said they would use the money to purchase household appliances.
The survey was conducted from the start of May after the Reserve Bank lifted interest rates by 0.25 percent.
Paul Fisher, spokesman for totaltravel.com – ranked the number one site for Australians seeking information about destinations – said the survey result indicated how price sensitive consumers were becoming.
“Given those answering the survey were clearly interested in travel, it is amazing to see that almost half wouldn’t use a cash windfall to help pay for a holiday,” Mr Fisher said.
“I suspect that in the broader community, holidays and travel are far from a number one priority for Australians as they face bigger mortgage payments and increased fuel bills.”
Mr Fisher said the result backed up an earlier totaltravel.com survey which showed more than 80 per cent of respondents had changed or abandoned their travel plans because of higher petrol prices.
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