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Aussies travel overseas less when our dollar is low

December 6, 2018 Statistics & Trends No Comments Email Email

Domestics holidays and staycations could become more popular this Christmas as Aussies shack up to avoid a sliding Australian dollar. New data reveals that almost half of Aussies would change their overseas travel plans when our dollar is low against the overseas currency.

The data comes from an independent survey of 1000 Australian adults commissioned by global leader in international money transfers WorldFirst (worldfirst.com.au)[1], to gauge whether the weakening Australian dollar would affect Aussies’ travel plans this Christmas.

The survey revealed that 43 per cent of Australians would change their holiday plans when our dollar is low against the currency of the country they are planning to travel to – highest for people in their 30s and 40s, at 48 per cent. Of those that would change their plans, almost a third (29 per cent) would delay their trip until the Australian dollar improved.

Good exchange rates also motivate Aussies to travel, with 59 per cent of respondents willing to consider an overseas trip when our dollar is high against the major currencies. Two thirds (66 per cent) of under 30s are motivated to travel when our dollar is strong, compared with just 40 per cent of those in their 60s.

Patrick Liddy, Head of Foreign Exchange at WorldFirst, said: “Since the start of the year, the Aussie dollar has fallen nine per cent against the US dollar to lows not seen since the beginning of 2016, costing Aussies $700 more for a $10,000 US holiday. Our dollar is unlikely to make gains against the US dollar anytime soon and could sit between $0.70 and $US0.75 US cents into the New Year. Aussies looking for an overseas getaway should consider travelling to destinations such as the UK, Europe and Turkey, where our dollar is up against the local currencies.

“For Aussie expats or overseas-born residents travelling or sending money back home for the holidays, it’s important to shop around for the best exchange rates. Fee-free money transfer providers such as WorldFirst offer rates up to seven times[2] cheaper than the big four banks, to help make Aussie dollars go further this Christmas.”

The top 5 holiday destinations Aussies should travel to, based on exchange rates

  1. Turkey.Despite a portion of Turkey being a part of Europe, a trip there is reasonably priced, especially with the Aussies dollar up 28 per cent against the Turkish lira since November 2017. Aussies looking for an adventure should check out the eastern part of Turkey to see ancient ruins, or the western part for its big cities and the tranquil Mediterranean Sea. Do not leave without visiting its bazaars, which sell all kinds of traditional goods from colourful cushion covers to Turkish delights.
  1. India.The food is enough for anyone to visit India, but with the Australian dollar up 5 per cent against the Indian rupee since November 2017, now is the right time to travel to this vibrant country. India is also an extremely architecturally diverse nation, complete with monuments, temples and palaces. There are 37 UNESCO World Heritage-listed sites across the country that are all rooted with history and culture.
  1. United Kingdom.Whether it is the busy metropolis or the quiet countryside, the UK has both. Fulfil shopping needs in London’s Piccadilly Circus or explore the historical castles of Scotland. For expats or Aussies with family ties to the UK, it is a good time to travel back home. The Brexit uncertainty has caused the pound to drop almost 3 per cent against our dollar since October.
  1. Austria.Austria is the perfect place for Aussies wanting to avoid the summer heat. Boasting some of the world’s best ski resorts, and with galleries and museums, this central European country is ideal for ski buffs and arts aficionados alike. With the Australian dollar climbing 3 per cent against the euro since September, a ski holiday this summer may be worthwhile.
  1. Spain.For sun-seeking Aussies after a warmer European holiday, the Spanish archipelago, otherwise known as the Canary Islands, is the perfect getaway. One of the largest islands, Tenerife, is home to the Mount Teide volcano, which is the highest point in Spain. Whether Aussies are seeking surf, snorkelling, or an adventurous hike, Spain’s Canary Islands is now cheaper thanks to our dollar strengthening 3 per cent against the euro since September.

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