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Australians expect a recession but they'll still go travelling

Image: Getty

Most Australians believe a recession is coming, according to new research, but they will not be cancelling their travel plans.

A survey commissioned by insurance company InsureandGo has revealed almost two out of three (63 per cent) Australians think a recession will strike the country before 2023.

A smaller group (16 per cent) reckon it will come even sooner, as in within the next year.

But despite the doom and gloom about the economy, those surveyed did not seem to be worried, with 68 per cent still willing to carry on with their future travel plans.

"We are increasingly finding that travel is an expenditure that most households regard as an important necessity and would not compromise on," said an InsureandGo spokesperson.

Many young Australians would not even remember what a recession feels like. The country has enjoyed an incomparable run of economic growth in modern times, with its last recession back in the early 1990s.

Admittedly about half those willing to go ahead with their trips said some cuts would be made to their holiday budget if a recession arrived.

Reducing spending money (53 per cent) was the most popular way to tighten the belt, or changing an overseas down to an interstate trip or downgrading an interstate trip to an intrastate journey were the other favoured options.

But downgrading accommodation was the least favourite way to spend less on the trip.

While it's tempting to cut out travel insurance to save money, the InsureandGo spokesperson advised again this.

"If something goes wrong, be it a medical emergency, or lost luggage, the risk of not being covered can leave you out of pocket, and without support or assistance in a foreign country when you need it most."

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