Aussies continue to travel despite cost of living
 

23/09/2023 - Media Release

Despite the cost-of-living crisis, holidays are still a priority for travel-mad Aussies, with consumers utilising cost-cutting measures and savings hacks to make their dreams a reality.

According to insights obtained by 1Cover Travel Insurance, Aussies are 1.6 times more inclined to travel in 2023* compared to  2019.

Demand for travel insurance has also shot up by 55% as Aussies look to safeguard their holidays amidst the cost-of-living crunch. 

Natalie Smith, spokesperson for 1Cover Travel Insurance says,

“Data shows that travel is on the rise thanks to pent up demand and the lingering effects of lockdown.  While Aussies are grappling with the increased cost of living, they are clearly willing to spend their hard-earned cash on travel and meaningful experiences with loved ones.” 

Smith says that with budget constraints top of mind, Aussie travellers now expect more bang from their buck.

“Aussies are being more pragmatic about their spending, even if it means adapting their planning to the current economic outlook,” says Smith, pointing towards a rise in shorter holidays along with destinations that are closer to home.

“We’ve seen an increase in weekend getaways and shorter trips along with a shift towards domestic holidays and destinations such as Bali and New Zealand. We’ve also seen growth in off peak season travel as a means of cutting costs.”

Take caution with travel cover

With the demand for travel not slowing down, Smith says that consumers should evaluate which costs are essential and which aren’t. 

“As Aussies become more considered in their travel choices, it’s important not to disregard travel insurance. In the event of an emergency, medical treatments abroad can cost upwards of $100,000. In the worst-case scenario, not having travel insurance could send you into debt, or worse.”

Given the tough economic climate Smith says that now, more than ever, those headed abroad should consider their whether they are sufficiently covered.

“Travel insurance is the single biggest decider as to whether you can afford a holiday or not. Put simply, if you can’t afford travel insurance, you certainly can’t afford to travel.”

*Sources:  

1Cover customer data 

Google commissioned Ipsos Consumer Continuous, AU ~n=500-1000 online consumers 18+ per market planning to travel.  

Google Internal data. Google Trends, searches 

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FOR FURTHER INFORMATION, PLEASE CONTACT:
Natali Mansberg, Content Marketing Specialist.
E: natali[email protected] | URL www.1Cover.com.au

About 1Cover Travel Insurance
1Cover Travel Insurance was founded in 2003. Today, it is one of Australia’s largest providers of online travel insurance. At 1Cover, we’re dedicated to providing all customers with exceptional cover and support. We provide cover to more than 1.5 million customers in both Australia and NZ.