Bursting budgets, soaring petrol and grocery prices and interest rate hikes are forcing Australians to park their travel plans and save their money.
Two in three Australians have cancelled or postponed their holiday plans in the last three months due to rising costs of living coupled with increased travel costs.
NAB data revealed that around two in five scaled their plans back, with some choosing to holiday at home rather than spend money overseas.
Australians saved almost $400 a month on average by changing their plans.
NAB retail customer executive Tara Hartley said a holiday was still high on the list for Australians, but they were being more frugal.
“Australians are making considered changes to their travel plans and they might be swapping the Mediterranean for Maroochydore or Bali for Burnie,” she said.
“Just like grocery bills and filling up the car have become more expensive, Australians think holiday plans have become much harder to budget for and they’ve made considered changes to prioritise spending.”
© AAP 2023
