Despite the cost of living crisis, travel is still a priority for Australians.
According to insights, obtained by 1Cover Travel Insurance, Australians are 1.6 times more inclined to travel in 2023 compared to 2019, pre-pandemic.
Natalie Smith, Spokesperson for 1Cover Travel Insurance, said: 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.”
The demand for travel insurance has also increased by 55 per cent.
Smith added: “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.”
She also advised that travel insurance is an essential cost and not one to be avoided: “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.”
To conclude: “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,” said Smith.