Four in five Australian tourists are rethinking their travel plans due to the rising cost of living.
Research by YouGov found that while 87 per cent of Australians were planning to travel at some point this year, 83 per cent said they would need to control spending.
The rising cost of living and spiraling inflation have made 48 percent of people less likely to travel abroad in the next 12 months, while 37 percent are less likely to travel between states.
For those still travelling, almost half would book cheaper accommodation, while 36 per cent would take a shorter trip and one in 10 would not take out travel insurance.
The survey of more than 1,000 people was commissioned by Southern Cross Travel Insurance, whose chief executive Jo McCauley said that while COVID-19 disrupted travel in previous years, family budgets were now the dominant factor.
“It is not surprising, after the lockdowns, that Australians still have a huge appetite to get out and see the world,” he said.
“But the rising cost of living is hitting Australians in all areas and travel is no exception, so it’s understandable that Australians are looking for ways to cut costs as they try to make those trips happen.”
Despite cost of living concerns, there was a 22 per cent increase in the number of Australians looking to go abroad, compared to the previous year.
Meanwhile, 77 percent said they planned to vacation in their home state in the next 12 months.
The impact of cost-of-living concerns will be on the mind when the Australian Bureau of Statistics releases its household spending indicators on Tuesday.
The bureau will also publish trade turnover figures, while NAB publishes data on business sentiment and ANZ and Roy Morgan publish data on consumer confidence.