It seems the allure of travel, for most Australians, is so great that even a recession wouldn’t be enough to deter them from heading abroad or hitting the road for a break, a new study has found.
Commissioned by InsureandGo, the survey revealed that most Aussies (63% of those polled) believe Australia will face a recession before 2023, while some (16%) even think it will happen before the end of this year. Despite this, seven in ten (68%) Aussies would still travel (which is music to our ears...).
But our approach about travelling during an economic slowdown varies from age to age. For instance, in the over-60 age group, more than nearly half (42%) would travel as usual, compared to just a quarter (26%) of those aged in their 30s.
And whilst most Australians would still travel during a recession, one in three (32%) respondents said they would downgrade their holiday either by reducing their travel spending money (53%) or downgrading to an intra-state (38%) or inter-state vacation (31%).
Downgrading accommodation was the least popular way to cut back on a holiday budget, with only a quarter (25%) of those polled saying they would opt for this measure.
“Our research reveals that, while a recession would have some impact on travel spend, we are increasingly finding that travel is an expenditure that most households regard as an important necessity and would not compromise on,” InsureandGo spokesperson Jonathan Etkind says.
“Most travellers believe that they won’t have to claim on their travel insurance, and some may even try to cut the cost of their trip by not purchasing a travel insurance policy.
“However, in reality, if something goes wrong, be it a medical emergency, or lost luggage, the risk of not being covered can leave you out of pocket, and without support or assistance in a foreign country when you need it most.
“That’s why we strongly recommend that travellers don’t compromise on getting the appropriate travel insurance to suit their trip.”
One thousand travelling Australian adults were polled in the survey.
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