The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
22 DAYS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 500 ALREADY ATTENDING
22 DAYS UNTIL OUR FLAGSHIP CONFERENCE 500+ ALREADY ATTENDING
SECURE YOUR SPOTDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
7
print
Print
HotelRenee McKeownThu 21 Jan 21

Hotels, Tourism to Bite into $200bn Savings

346ec00c-8016-4216-bbfb-03a9886847e5

The gap between domestic and international visitor spending is expected to widen as Australians divulge their spending intentions for the new year.

According to the Commonwealth Bank of Australia and Google data, spending intentions for travel and entertainment are well on the way up compared to other industries.

This is promising for the hotel and tourism industry as domestic travel account for the lion's share of overnight visitor stays.

Treasurer Josh Frydenberg said as of mid-January households and businesses have amassed $200 billion in savings which is now available to spend across the country.

Travel spending intentions

^Source: Commonwealth Bank Australia

Prior to the pandemic domestic tourism held the overwhelming share of visitor spending at $79.1 billion compared to $45.2 billion for international visitors according to Tourism Research Australia.

These figures dropped 34 per cent for domestic visitors to $51.9 billion and dropped 51 per cent for international visitors down to $22.4 billion for the year ending September 2020 following bushfires and strict border control.

CBA senior economist Belinda Allen said that both actual spending and Google searches for travel increased last month.

This pushed spending intentions for travel into positive territory for the first time in 2020 and signalled that the economy continues to rebound from the impact of Covid-19.

“Travel spending intentions jumped solidly in December 2020 as state border restrictions were largely lifted,” Allen said.

The CBA research shows travel and entertainment intentions are moving back towards 2019 levels while education, health and fitness lagged behind.

Retail spending intentions on the other hand was well up on 2019 levels and motor vehicle spending was slowly improving.

Meanwhile, spending intentions for home buying pulled back in December, after jumping higher in November.

Home loan applications ticked down in December from a month earlier, though were higher than the year-ago level.

HotelAustraliaSector
AUTHOR
Renee McKeown
More articles by this author
ADVERTISEMENT
TOP STORIES
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
Exclusive

Carparking Correlation: How Parking Fees Provide Office Sector Health Check

Taryn Paris
6 Min
Molti chief Ben Teague out front of 32 Mercer Road Aramadale (rendering)
Exclusive

Buy to the Sound of Cannons: Molti’s Counter-Cyclical Move to Melbourne

Leon Della Bosca
5 Min
Exclusive

Tapping the Bunnings ‘Halo Effect’

Taryn Paris
5 Min
Exclusive

‘Construction Not a Scale Game’: Hutchinson

Phil Bartsch
9 Min
View All >
Industrial

Data Centres Drive Goodman Group A-REIT Success

Taryn Paris AND Shravanth Reddy
Construction workers building social housing in Gosford, New South Wales.
Affordable & Social Housing

Housing Australia Adds 18,000 Homes as Contracts Confirmed

Marisa Wikramanayake
Residential

Thirdi Lifts Covers on 500-Home Precinct at Gladesville

Lindsay Saunders
The developer says build-to-rent and build-to-sell would be part of the transformation of an ageing Sydney shopping cent…
LATEST
Industrial

Data Centres Drive Goodman Group A-REIT Success

Taryn Paris AND Shravanth Reddy
3 Min
Construction workers building social housing in Gosford, New South Wales.
Affordable & Social Housing

Housing Australia Adds 18,000 Homes as Contracts Confirmed

Marisa Wikramanayake
2 Min
Residential

Thirdi Lifts Covers on 500-Home Precinct at Gladesville

Lindsay Saunders
2 Min
FK's rendering of Woolworths and Pace's plans for the ex-ABC studio site at 10-16 Selwyn Street in Elsternwick, Melbourne.
Residential

Mayor Rounds on State After Elsternwick Approval

Marisa Wikramanayake
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/hotels-tourism-to-bite-into-200bn-savings