Cashed up Aussies spend more money on experiences and nightlife while travelling than any other nation in the world.
Despite cost of living issues we are spending one of every five dollars (19%) on these activities – significantly higher than the global average (12%).
The trend was revealed in data from Mastercard Economics Institute’s (MEI) fifth annual report, “Travel Trends 2024: Breaking Boundaries”.
Other key findings from the report:
# Australia is the 7th top destination for travel globally in the past year.
# In Australia and New Zealand, overseas visitors are staying for an average of 5.4 days, an increase of 0.6 days compared to 2019.
# Tourism spending on fine dining in Australia has been roughly 48.7 % higher than the same time last year.
# Tourism shopping on luxury apparel has been roughly 40.6 % higher in 2024 than at the same time last year.
Looking ahead, the MEI anticipates this momentum will continue as consumers around the world prioritise meaningful experiences and allocate more of their budgets to travel.
“Consumers in the Asia Pacific region have an intense desire and willingness to travel and are becoming increasingly savvy to ensure they get the best value and unforgettable experiences from their trips,” said David Mann, Chief Economist, Asia Pacific, Mastercard.
“For tourism authorities, retailers, the hospitality and F&B sectors, the bottom line is that costs matter.
“In today’s economy, foreign exchange rates and spending power have become vital components in driving a traveller’s assessment of value when they are making their plans.
“This suggests that businesses targeting tourism dollars need to review their current strategies and shift them if necessary to maintain their appeal to travellers.”
