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Holidays are at the Top of the Aussie Purchasing Agenda for 2014

February 7, 2014 Statistics & Trends No Comments Email Email

Cars and home renovations have been cast aside this year, with new MasterCard research revealing that travel will be the most popular spending priority for 2014.

The MasterCard Consumer Financial Priorities survey found one in three (37 per cent) Australians said the most popular purchase in 2014 will be ‘A holiday in Australia’, with one in three also  listing ‘A holiday overseas’ (35 per cent). General ‘saving’ topped the list, with 46 per cent of Australians saying they’ll be putting their money away this year.[1]

When asked specifically about their top financial priorities for 2014, 38 per cent of Aussies said they are saving for an overseas trip, revealing an 8% jump from priorities in 2013. This topped other priorities including paying off the mortgage, saving for a car, or saving for events such as weddings and anniversaries. Interestingly, 51 per cent of the group prioritising saving for an overseas trip were aged 18-24 years.

MasterCard Australia SVP & Country Manager, Andrew Cartwright, says that despite a recent decrease in consumer confidence, it’s interesting to see that Australians are prioritising travel over other financial priorities.

“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.”

Consumers are not the only ones that are optimistic about holidays this year. Industry data from the Tourism & Transport Forum shows the mood is buoyant about domestic travel in 2014, with sentiment around domestic tourism performance surging to its highest level on record.[2]

Tourism & Transport Forum (TTF) Chief Executive Ken Morrison said the results of both surveys are a positive sign for the tourism sector and for the national economy.

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

While Australians have their eyes on rest and relaxation in 2014, 63 per cent of survey respondents intend to budget for their finances this year, with 24 per cent feeling they would benefit from better money management.

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