No price too high: the two biggest reasons that will keep Aussies heading overseas, despite high airfares

New research has revealed the trips that Aussies won’t cancel despite sky-high airfares, with three-quarters (74%) saying they would still attend the wedding of a family or friend and four in five (80%) a family funeral. Nine in ten (92%) would compromise on the timing or convenience of their flights to nab a cheaper fare.

The findings were derived from a survey of an independent panel of 1006 Australians[1] commissioned by award-winning travel insurance provider Insure&Go to glean the impact of high international airfares. The survey asked respondents which overseas trips they would postpone until airfares came down to pre-pandemic levels, listing occasions and events such as family and friends’ weddings, funerals, summer holidays in Europe, beach Christmas trips, and winter ski holidays.

While global fares are predicted to drop this year amid increased airport traffic and the reopening of the Chinese market[2], international airfares remain higher. Despite the hikes, the survey shows Australians are still happy to foot the bill for some international travel.

Top reasons Aussies won’t cancel their travel

It’s not just family weddings and funerals that the majority of Aussies would fly to while fares are still high. The survey reveals people value a friend’s wedding almost as much as that of a family member, with a whopping 70 per cent saying they would take an international flight to watch their mates say: ‘I do’.

When it comes to celebrating major calendar events with overseas family such as Christmas, two-thirds say they will still make the yearly visit to family, travel for major family calendar events and take an overseas winter ski trip (at 64%, 66% and 65% respectively).

Aussies are a bit happier to soak up our own summer sun, the survey shows, with a slightly lower 61 per cent saying they’d still take that overseas Christmas holiday and 62 per cent saying the same for a summer holiday in Europe.

Across age groups, under-30s adults are least likely to cancel a trip amid high international fares – indicating travel is a major priority for Gen-Z. An incredible 83 per cent of this cohort say they wouldn’t miss an overseas funeral, compared with just over three-quarters (77%) of Aussies aged between 31 and 50. In fact, Millennials and Gen-X are among the most likely to ditch a trip for the sake of their hip pocket as a potential result of higher living cost.

Insure&Go Chief Commercial Officer Jonathan Etkind says children and mortgages have always had a profound impact on traveller demographics – with Australians juggling families and interest rate hikes most likely to eschew a costly trip right now.

According to the Insure&Go report, 31–50-year-olds are the happiest age group to forgo a Christmas overseas holiday to Bali or Fiji, with just six out of ten (58%) saying they’d still go despite high airfares.

Just over half (59%) of respondents aged 31-50 also say they’d still take a European summer holiday and 57 per cent say they’d still go overseas for an annual family visit. In comparison, 69 per cent of over-50s say they’d still go overseas for an annual family visit.

Only 27 per cent of respondents aged 18-30 say they’d avoid overseas winter ski trips in the face of increased fares, compared with 37 per cent of respondents aged over 31.

The top tactics Aussies will use to nab low airfares

The survey further asked respondents whether they would compromise on any aspect of their trips or flights to save on travel costs. A whopping 92 per cent of respondents would.

More than half (57%) would travel outside of school holidays. Half (49%) would choose a low season or an inconvenient departure time (such as 6am). Just less than half (48%) would book 6-12 months in advance to nab an affordable airfare.

Despite embracing these budget-friendly tactics, comfort is still key, with a whopping 74 per cent not willing to book a multi-stopover flight to nab an affordable fare, and only 13 per cent willing to stay in hostels, cheap stays or accommodation far from tourist hotspots to curb costs. Just 41 per cent would opt for a low-cost carrier.

Less than one in ten (8%) of all travellers say they wouldn’t make any compromises at all.

Under-30s travellers are the least likely cohort to book in advance to save money, with just 38 per cent saying they would do so, compared with 53 per cent of over-50s. However, both under-30s and over-50s are most likely to travel off-season (at 50%) and Boomers are the demographic happiest to travel outside of school holidays or at an inconvenient departure time, at 64 and 57 per cent respectively.

ENDS

About InsureandGo

Insure&Go (InsureandGo.com.au) is one of Australia’s award-winning online travel insurance specialists. Since it was established in Australia in 2012, Insure&Go has covered more than 2 million Australian travellers. Owned by Europ Assistance, which operates in more than 200 countries, Insure&Go has an expansive, 24/7 global assistance network. Insure&Go Australia has won numerous awards and recommendations for its services including the 2023 Canstar Award for Outstanding Value for International Travel Insurance and Outstanding Value for Seniors Travel Insurance, 2023 Finder Award for Travel Insurance – Domestic, 2023 WeMoney Award for Best for Value Cruise Travel Insurance, 2023 WeMoney Award for Best for Seniors, 2022 Canstar Award for Outstanding Value for Seniors, and 2020 Feefo Gold Trusted Service Award. More information about Insure&Go’s awards can be found on its website: https://www.insureandgo.com.au/travel-insurance-awards/

Europe Assistance Australia Pty Ltd trading as Insure&Go as an authorised representative AR Number 424825 of the underwriter and insurer Mitsui Sumitomo Insurance Company Ltd, ABN 49 000 525 637, AFSL 240816. Any advice is general advice only and does not take account of your particular circumstances. Before purchasing, decide whether this product is right for you. Consider the PDS and TMD at insureandgo.com.au.

[1] Respondents had taken at least one travel holiday in 2023/24, including weekends away with paid accommodation, drive holidays, domestic flight holidays, cruises or overseas holidays.

[2] https://aci.aero/2023/09/27/latest-air-travel-outlook-reveals-2024-to-be-a-milestone-for-global-passenger-traffic/

[3] https://www.abs.gov.au/media-centre/media-releases/living-costs-rising-fastest-employee-households

[4] https://www.roymorgan.com/findings/millennials-plan-to-travel-more-than-other-australians