It’s been less than two months since the Australian government lifted the national cruise ban and allowed cruise fanatics to return to the high seas. And it hasn’t been that long since we saw the flexibility around international flights.
So, with many Australians experiencing itchy feet after being housebound for the past two years, it’s no surprise that travel spending intentions hit a new record high in April, surpassing their peak. pre-covid.
According to the latest CommBank Household Spending Intentions Index (HSI), travel spending rose 10.6% in the month and 41% in April 2021.
Spending on travel agencies, airlines, cruise ships, tourist attractions, hotels and motels, and bus lines all increased, with a drop in motorhome and campervan rentals reflecting the changing travel habits with the reopening of national and international borders.
“With an ongoing cycle of rising interest rates, the Australian economy is in a strong position,” said CommBank senior economist Belinda Allen.
“We are seeing a post-COVID normalization of consumer spending habits, with spending falling in categories that have increased during the shutdowns like health and fitness, while increased travel and entertainment spending reflects more people on the move,” she said.
If you’re hoping to make similar plans in the rest of 2022, you might be thinking about your financing options.
Personal loans can come in handy if you want to book a well-deserved getaway now, but don’t yet have the full amount of savings needed to cover travel expenses. RateCity has an extensive database of personal loans available for a wide variety of purposes, including travel and vacations.
To help you get started on your personal loan comparison, RateCity has rounded up the top-rated personal loans for June 2022.
RateCity’s Personal Loan Ranking ranks the top five personal loans using Real Time Ratings™, a rating system that assigns loan products a score out of five, based on cost and flexibility.
It’s important to keep in mind, however, that a personal loan is a financial commitment that can often take years to pay off. Consider using RateCity’s personal loan calculator for a repayment estimate to ensure they will fit comfortably within your budget.
(Rankings correct at time of publication. Please note that lenders may swap places on the list as interest rates and fees change and RateCity’s tracker reflects these movements.)