Australians chase experiences in cost of living crisis

Australians are travelling less but doing more as spending on big-ticket experiences grows 22%, according to new figures.

Why experiences matter

Like much of the world, Australians face financial strain. Some surveys have picked up widespread concern and the intention to change behaviours by trading down and travelling less. This report, meanwhile, suggests that there is still a desire for significant experiences following pandemic lockdowns and that these hold their worth in a way that other products and services do not.

What’s going on

Data from Big Red Group, an experience marketplace, tracks the spending trends in its own data compared with third-party sources to understand the Aussie experience economy, with adventure and good food top of the agenda over the past season.

• Domestic flights have recovered faster than international flights, with 96% and 77% seat capacity, respectively.
• Bookings for BRG brands have seen a 66% uptick, while spending has increased 33%. Experiences worth over $500 have grown by over a fifth year-on-year.
• Theme parks remain the top attraction with 18% of all sales.
• Extreme sports/activities have seen incredibly fast growth – a trend that BRG puts down to an increasing “seize the day” mentality – with adventure sport bookings up 1786%.
• Food tastings and tours have seen 290% annual growth.

Sourced from Big Red Group, WARC