A look at spending on holidays around the world.
By Lucy Jones-Mackay The following articles and charts have been adapted from a new report by the Australian Financial Council, published this week.
Top 20 countries with the biggest annual spend on holidays The most expensive holiday destinations around the globe: Australia $10.4 billion Australia’s total annual holiday spending is the highest in the world, but it is dwarfed by New Zealand, which is home to five of the top 20 countries.
Australia’s spending is up more than 60 per cent on last year.
This year, Australians spent more than $5 billion, almost triple the $3.6 billion spent in 2015.
New Zealand’s total spending on the trip is up nearly $1 billion, while spending on holiday accommodation is up just $250,000, the lowest in the top 10.
Spending on travel and accommodation in Australia is on track to double next year, and the Government expects holiday spending to grow by another $2 billion.
This is thanks to a $2.3 billion package announced by Prime Minister Malcolm Turnbull on February 6, including a $1.4 trillion boost in infrastructure spending, as well as the release of $500 million for “travellers’ support services” to help Australians stay safe while travelling abroad.
Australia has been the country that has attracted the most holiday spend, with New Zealand leading the way, with the Kiwi spending $8.2 billion on its annual holidays in 2015, according to the report.
The report also found that Australians spent about $4 billion less on holidays last year, due to the Great Barrier Reef and the South Pacific island of Cocos (Keeling) Islands, which have been hit hard by the cyclone.
Australia is a major tourist destination, with more than 8 million visitors from more than 120 countries each year, many of whom spend holiday money on Australian-made and locally sourced products.
Australia also has the highest holiday tourism expenditure in the OECD, with nearly $10 billion spent annually.
This includes $3 billion spent on accommodation and $1 million spent on travel, and more than half of that goes to tourism and accommodation, according the report, which also showed that the cost of holiday accommodation was up $3 million.
Key findings: The average spend on holiday spending in Australia increased by $1,400 per Australian last year The average annual holiday spend in Australia last year was $10,500, compared to $7,600 in 2014 The average cost of accommodation and accommodation-related spending in 2015 was $4,700 for the top five countries The average holiday spending across the world is expected to grow in line with the economy and inflation