07.07.2017
Survey: Austrians spend EUR 4.7 billion on summer holidays
- Most holidays are financed through savings
- The most popular means of payment at the holiday destination: Cash, followed by ATM and credit card
- One in two Austrians change money at the bank
Summertime means holidays. And Austrians agree: 57 percent want to take a trip at this time of year. They budget around 1,100 Euros per person for this, meaning Austrians spend 4.763 billion Euros in total on their summer holidays. Most trips are financed through savings (77%), followed by holiday allowances (27%) – as found by a recent Integral study conducted on behalf of Erste Bank und Sparkassen.
Most travel-loving Austrians go abroad during the summer, with seven in ten planning an international trip; four in ten prefer to take their holiday within Austria. According to the survey, 50 percent stay within the Eurozone. “This benefits the holiday budget, because no fees are incurred when paying by ATM or credit cards within the Eurozone“, says Ertan Piskin, Head of Card Business at Erste Bank. However, one in four Austrians wants to visit a country outside the Eurozone. “Care needs to be taken when paying by card in these destinations. People need to make sure they are paying in that country’s currency, so as to avoid losing out on the exchange rate”, says Piskin.
Holiday wallets: Cash and cards
“The preferred means of payment once in the holiday destination continues to be cash, followed by ATM and credit cards”, says Piskin. The survey results from 2011 to 2017 also show that all three payment methods have increased since the first survey. Cash leads the way. In 2011, 60 percent of Austrians wanted to use cash; that figure is now 82 percent. ATM cards have also made significant gains. Seven years ago, only one in three wanted to use them; now it’s one in two. Credit card figures increased slightly (34% to 37%).
75% raid their piggybank
When it comes to holidays, most Austrians rely on their savings, with 77 percent of travellers raiding their piggybanks. Three in ten Austrians use their 13th monthly wage, known as the “holiday allowance”, for a summer holiday, while only four percent ask for financial support from family, friends or acquaintances, and only two percent overdraw on their account.
One in two Austrians changes money at the bank before travelling
One in two Austrians changes money at the bank before their holiday. Around a third like withdrawing cash from an ATM at their destination, while another third prefer to procure the foreign currency from a bank at their destination. Twenty seven percent of Austrians would collect the destination’s currency from a foreign exchange office, though experts warn against this: “Foreign exchange offices at the holiday destinations usually offer poor rates and high fees. Foreign currencies should be procured before leaving, ideally from your local bank. Find out the exchange rate and learn about any possible fluctuations before leaving – this can protect you from nasty surprises.” Six percent of respondents would change their money privately, while three percent would pay for everything using a credit or ATM card.
NB: Pay heed to cash limits
Cash limits exist in some countries. In France, this is 1,000 Euros, in Greece 1,500 Euros and in Italy 3,000 Euros. “In general, it is important to read up on the destination’s payment conditions before travelling”, is Piskin’s final recommendation.
About the survey: Erste Bank hired the market research institute Integral to conduct a telephone survey on means of payment when on holiday. Between 6 and 19 June 2017, 500 people were interviewed by telephone regarding their summer holiday plans – incl. destination, estimated budget, trip financing and payment means. The results are representative of the Austrian population aged 14 and over, i.e. around 7.6 million people.