A new survey by Compare the Market has revealed a surprising trend among Australian travellers—on average, holidaymakers overspent by a whopping $11,518 on their last trip.
Despite the rising cost of living, more than two-thirds of Australians still plan to travel in the next year, though many are adjusting their plans to stay within budget.
Young Aussies most likely to blow the budget
According to the survey of over 1,000 Australians, 40.4 per cent overspent on their last holiday. Younger travellers were the biggest budget-busters, with 54 per cent of 18 to 24-year-olds exceeding their travel budgets, compared to just 29 per cent of those aged 65 and above.
Future holiday budgets vary across the country, with Aussies on average budgeting $12,758 for their next getaway. Those in the Northern Territory, Tasmania and the ACT reported the highest anticipated spend at $20,813, while South Australians were planning more modestly with an average budget of $9,710.
Cost of living changes travel behaviour
Rising living costs are influencing travel decisions. While 34.2 per cent of Australians plan to travel internationally and 32.6 per cent domestically in the next 12 months, many are making concessions:
- 33.2 per cent will travel less frequently
- 26.3 per cent will choose lower-cost accommodation
- 24.3 per cent plan to spend less on leisure activities
- 22.7 per cent are opting for domestic trips instead of overseas holidays
- 8.3 per cent have stopped all travel plans altogether
Executive General Manager of Compare the Market, Adrian Taylor, encouraged travellers to seek value where it matters most—like travel insurance.
“Travel insurance is so crucial to have, but not all policies are the same – or cost the same,” said Taylor.
“Comparing options can help Australians save money on cover while still being protected from unexpected costs.”
