New data reveals Australians are changing their holiday plans during the cost-of-living crisis, saving them at least $300 per month. NAB’s consumer sentiment survey of more than 2000 Australians found one in three people were reporting high stress as a result of the cost of living during the first quarter of 2024. As a result, the number of consumers changing their holiday plans this year to save money jumped by 39 per cent compared to the end of 2023.
The consumer survey found people have been mostly cutting back on eating out, entertainment, car journeys, holidays and food delivery to reduce their expenses. Last month, the Reserve Bank kept interest rates on hold for the third meeting in a row, thanks to encouraging signs of inflation slowing. The board has hiked interest rates 13 times since May 2022, in a bid to rein in the inflation rate.