Invest
Could Tourism Australia get 2.2 million bonus visitors?
The Australian economy could receive a strong boost through the tourism sector, as domestic travel has the opportunity to attract 2.2 million bonus visitors, new research has found.
Could Tourism Australia get 2.2 million bonus visitors?
The Australian economy could receive a strong boost through the tourism sector, as domestic travel has the opportunity to attract 2.2 million bonus visitors, new research has found.
Statistics released by Roy Morgan have shown that 2.2 million Australians were planning to spend their dollars overseas as of March, with domestic tourism having the opportunity to attract these travellers.
Domestic and international tourism provides a key economic boost, with Tourism Australia showing it directly added $60 billion in GDP in 2019.
It also employs over 660,000 Australians as well as total overnight tourism spending being over $126 billion a year.
Roy Morgan CEO Michele Levine highlighted how the tourism sector can use this boost to overcome recent struggles.
“COVID-19 hasn’t only closed our borders to non-essential travel, it has also brought widespread economic hardship and many people have been forced to change their holiday plans as a result. But there is still a major opportunity here for Australian travel and tourism operators, who have been hit particularly hard by pandemic-related restrictions,” she said.
With domestic tourism accounting for over $80 billion in revenue, Ms Levine noted the opportunity for the economy.
“Looking at the number of Australians who intended to travel overseas and at their planned holiday duration, we can see that in total, 43 million nights were to have been spent overseas before COVID-19 changed everything. If even half of those nights are converted into local travel, it will be a huge boon to the domestic industry. Canny operators will present these thwarted travellers with options for trips that are longer than the usual close-to-home weekend getaways in order to more closely match the plans they have had to abandon.”
However, the CEO noted it is not a dollar-for-dollar comparison, with domestic tourism often being shorter than overseas travel.
“On average, domestic holidaymakers intend to spend less than four nights away, whereas those planning overseas trips were intending to be away for almost 20 nights – more than five times as long,” Ms Levine concluded.
Did you enjoy this article? You may also be interested in:
- The economic case for Australian tourism
- Why the tourism industry is ripe for investors
- US equities surge on 'V shaped' recovery predictions
RELATED ARTICLES
About the author
About the author
Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more
Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more
Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more
Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more
Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more
Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more
Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more
Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more
Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more
Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more
Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more
