The skyrocketing cost of living crisis has seen the majority of Australians rethink their holiday plans this year, with almost half of the country vowing to ditch overseas travel altogether.
Though 87 per cent of Aussies are planning to travel at some stage in 2023, 83 per cent say cost of living pressures will impact their plans, while almost 50 per cent say they won't be leaving the country at all, according to a new survey commissioned by Southern Cross Travel Insurance (SCTI).
Hip pocket pain is so tight for some that they're even considering avoiding travelling domestically, with 37 per cent of respondents suggesting they won't be holidaying interstate either.
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Jo McCauley, CEO at SCTI said that after years of lockdowns and COVID-19 restrictions impacting people's plans, Aussies are itching for a vacation - but few can afford it.
"It's unsurprising, following the lockdowns, that Australians still have a huge appetite to get out there and see the world," McCauley said.
"But the rising cost of living is impacting Australians across all areas and travel is no exception, so it's understandable Australians will be looking for ways to cut costs while still trying to make those trips happen."
The data also suggested that people are choosing to forgo travel insurance in a bid to reduce costs, with one in 10 Aussies admitting they'd go without.
Millennials are also twice as likely as baby boomers to ditch buying travel insurance, the survey found.
"We know that most Australians consider travel insurance as a high priority for overseas trips with 76 per cent rating it a high priority for international travel but only 49 per cent feel the same way for domestic travel," McCauley said.
"An air ambulance from Bali to Sydney can cost anywhere between $80,000 and $110,000 and not many people can afford a medical bill that size."
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