Australians are finding ways to save for their next big holiday, even in tight financial times.
A survey by Finder revealed that one-in-six Australians are offloading unwanted possessions to raise money for travel, while 14 per cent took a second job, and 27 per cent sacrificed social activities for travel.
Lisa Pagotto, vice-chair of the Council of Australian Tourism Operators and founder of Crooked Compass, told The New Daily that domestic tourism is flourishing in 2024, with an even bigger season expected in 2025.
“[This year] 2024 has been the first consistent and solid year for a lot of tour operators and we’re starting to see that long lead time come back,” she said.
“From a consumer perspective, travel is back and better than ever.”
She said that since the pandemic, people have “reconsidered how they travel and what they spend their money on”.
“A lot of tour operators are already selling 2026 as well, showing that hunger and appetite are back, particularly for those in the experience space,” she said.
“People are also travelling longer and slowing down: Before it was how much can we cover in a short period of time; now it is how can we do it deeper?”
Undeterred travellers
Other ways Australians are saving money include recycling bottles and cans (18 per cent), pumping up frequent flyers or reward points (11 per cent) and renting out a spare room (3 per cent).
Richard Whitten, money expert at Finder, said holidays are a high priority.
“Aussies love to travel, but taking a trip is a luxury that many can’t afford in the current climate without changing their lifestyle,” he said.
“The reality is, after rent or your mortgage, electricity, phone, internet, fuel, and grocery bills there’s very little left over for jet setting. “
CBA’s economic data supports Finder’s conclusions too, with overall consumer spending falling 0.7 per cent in September.
There was, however, an increase in recreation spending for the year, driven by online bookings, commercial airlines and ticketing services, according to CBA’s Household Spending insights.
Aussies have increased their recreational spending, according to CBA. Photo: Getty
Whitten said holidays don’t have to be a huge expense.
“Knowing how much you need to save starts with choosing your destination and the type of experience you’re after – there are plenty of budget-conscious options.
“While a dream getaway might be out of reach, sharing an Airbnb with friends or camping might be more attainable.”
Some 28 per cent of respondents said they could already afford a holiday.
Saving for a holiday
Australians are once again travelling overseas in record numbers, with 11 million outbound trips representing a 32 per cent increase in June 2024 compared to 2023.
Worryingly, one-in-10 people told Finder that they would go into debt in order to afford a holiday in the next 12 months.
Whitten suggested that travellers open a dedicated ‘holiday fund’ account to save for those future holidays instead of going into debt.
“Whenever you earn or save extra cash – transfer it into a high-interest savings account so you save towards your holiday faster,” he said.
“Booking well in advance can often save you money. Keep a lookout for travel deals on sale and investigate whether you can use frequent flyer points you may have stashed.”
Aldi recently launched a series of budget holidays in its special buy sections, hoping to entice travellers looking for a vacation on a budget.