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Young travellers cashing up for more on-ground experiences

October 17, 2018 Financial No Comments Email Email

Whilst young Aussie travellers love a bargain on flights and accommodation, they don’t mind splashing the cash once they reach their destination, a currency report has found.

A survey by currency exchange experts Travel Money Oz reveals that the average amount spent on holiday is $5,441.

Of this, $1,930 is spent on air or sea travel $1,356 on accommodation, $1028 on food and shopping, $690 on tours and experiences and $436 on other experiences.

However, younger travellers (18-34 years) spend roughly $1,291 less, forking out $4,150 each on their holidays.

Along with the difference in overall spend, the portion of spending money taken was also noticeably different.

The 18-34 year old traveller group looks to spend $2,910 on their travel money, which is around 70% of their total holiday investment.  Whilst the wider market take about $3,000 – which makes up 54% of their total holiday send.

General Manager of Travel Money Group, Kelly Spencer, said that while 18-34 year olds looked to spend less on their air/sea travel and accommodation, they didn’t sacrifice with on the ground experiences, including nights out, meals and shopping.

“Their spending money aligns to the market and we see this when they visit our stores and budget for their on the ground costs,’’ Mrs Spencer said.

When deciding how much to exchange, 64% of travellers said they based it on previous experience and 48% saying they did their own research. Other factors included advice from currency exchange agents and friends.

“This aligns to what we see in our stores,” Mrs Spencer said.

“Often customers visit us and have an idea of what they need as they have visited that destination before, whilst others have researched online and now want to speak to someone in person to ensure the advice fits their specific needs and travelling style.”

The 18-34 traveller group was more likely to take a travel card overseas, with 49% taking a travel card, compared to the market average of 39%.

Cash remains to king, with 82% of all travellers using it as their primary mode of payment. Many choosing to combine the use of both a travel card and cash, and travelling with a mixed wallet.

 “We are seeing more customers take travel cards with them on holiday to make the most of the payment flexibility and security that comes with it, however the need for cash hasn’t changed.

“Customers love physically having currency and knowing they have it for smaller transactions, stopovers and a backup travel money card for larger purchases,” Mrs Spencer said.

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