Australian overseas travel takes off
Australians are spreading their wings again, with overseas travel spending eclipsing pre-pandemic levels.
According to NAB, its customers spent $46 million on international flights, accommodation, car rentals, cruises, trains, tours and travel agents in May 2022, the largest monthly amount in three years.
In comparison, customers spent $43 million on international travel plans in May 2019.
NAB’s credit and debit card transaction insights also show that between 1 January 2022 and 31 May 2022, NAB customers spent $157 million on overseas travel, almost 600 per cent more than the same period last year of $23 million.
NAB says debit cards were the most popular way to pay for overseas travel, followed by credit cards and personal loans.
The United States, United Arab Emirates and United Kingdom were the top three countries where Australians spent money in foreign currencies.
“For many Australians it has been two years without international holidays, visiting overseas family and celebrating major milestones like weddings,” says NAB executive everyday banking, Paul Riley.
“It is great to see Australians embracing these important life moments again and putting aside money to make it happen.”
Riley expects to see spending on overseas travel continue with the school holidays starting later this week and the European summer now underway.