Australians spend more on traveling abroad than they did before the pandemic

Australians who love to travel and can’t wait to go abroad after the country reopens spend more on international tourism than before the COVID-19 pandemic. Banking industry figures show.

National Australia Bank (NAB) customers spent A $ 46 million (US $ 31.98 million) on international flights, accommodation, car rentals, cruises, trains and travel agencies in May. Bank.

Prior to the pandemic, overseas travel spending in May 2019 was A $ 43 million.

“For many Australians, there are no international holidays and it’s been two years to visit families abroad and celebrate major milestones like weddings,” said Paul Riley, executive at NAB’s Everyday Banking. Says. Said NCA NewsWire.

Between January and May 2022, NAB customers spent A $ 157 million traveling abroad. That’s an increase of nearly 600 percent from A $ 23 million over the same period last year.

“Australian people are known for their love of seeing the world. We expect to continue spending on overseas travel as school holidays begin later this week and the summer in Europe begins,” Riley said. Says.

Forecast: Growth slows down

However, rising pressure on living expenses and rising interest rates can have a negative impact on consumption.

Deloitte Access Economics forecasts quarterly retail forecasts that retail spending will slow from the second half of 2022, with prices, not quantities, being the main driver of retail sales growth over the next few years.

The Advisory Group expects retail sales growth to slow from 3.4% in 2022/23 to 0.8% in 2023/24 and then slowly rise to 1.2% and 1.8% in the next two fiscal years.

“But for now, companies may need to look at ways to reduce costs and reduce operational disruptions to avoid loss of competitiveness,” said David Rumbens, a partner at Deloitte Access Economics. Mr. says.

As more Australians travel abroad, the number of foreign tourists arriving in Australia is also increasing, but visa applications are facing serious delays.

According to the Australian Tourism Board, 758,000 foreign tourists visited Australia in April. This is 92% less than April 2019, but 940% more than April 2021.

AAP contributed to this report.

Epoch Times Sydney Staff