Travel emerges as most popular purchase for Aussies in 2014

Travel emerges as most popular purchase for Aussies in 2014
By admin


Travel has been revealed as the number one spending priority for 2014, coming ahead of cars and home renovations, according to a new report.

The MasterCard Consumer Financial Priorities survey found over a third of Australians said the most popular purchase in 2014 will be a holiday within Australia, with one in three also listing an overseas holiday.

However, saving was the overall top priority, with 46% of Aussies committed to putting their money away this year.

But 38% of those being sensible with their cash, were actually saving it up for an overseas trip – an 8% jump on 2013 which placed it above paying off the mortgage, saving for a car or a special event such as a wedding or an anniversary.

Of those saving for an overseas trip, 51% were aged between 18 and 24.

“Lately it’s been widely reported that levels of confidence amongst consumers are on the decline, so it’s interesting to see that Australians are moving away from large purchases such as cars and home renovations, and are focusing their spending on experience-based activities like holidays,” MasterCard Australia country manager, Andrew Cartwright, said.  that despite a recent decrease in consumer confidence, it’s interesting to see that Australians are prioritising travel over other financial priorities.

The encouraging consumer sentiment towards travel is also being reflected in the trade, according to the Tourism and Transport Forum (TTF).

Recent data showed the industry outlook on domestic travel for the year is “buoyant” with sentiment around the performance of domestic tourism at its highest point on record.

TTF chief executive Ken Morrison identified both studies as a “positive sign” for both tourism and the economy.

“It’s clear Australians still have an appetite for travel in 2014,” he said.

“Particularly pleasing for domestic operators is news that Australians are interested in exploring their own backyard. This is also good news for our economy, with more than 530,000 Australians directly employed in tourism across the country.”

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