American Express recently released its Amex Trendex report, a report that looks into consumer trends across luxury shopping, travel, and dining. While the report covers a number of countries, there are a number of Australian-specific insights that are of interest.
What is the Amex Trendex?
Amex Trendex is a trend index tracking how consumers, small businesses, and retailers feel about spending, saving, travelling, and more. The report is based on a survey of consumers from Australia, Canada, Hong Kong, Japan, Mexico, the United Kingdom, and the United States. The survey does not represent Amex customer spending data or trends.
As my focus is mostly on the travel side of things, I will take a look at the travel-related findings first.
First things first. According to the Trendex Report, 98 percent of Australians say they are planning to take a vacation this year. To unlock these experiences, most (92 percent) report having used a ‘travel hack’ in the last six months.
So, what are these travel hacks that people are using? According to the report, travel hacks used by Australians in the last six months include:
- 89 percent used a credit card that can be cashed in for travel rewards. They also track how many points they have accumulated.
- 35 percent booked a trip on a specific day or time that seems less popular
- 39 percent opted for booking a hotel with complimentary breakfast.
The survey also found that 66 percent of Australians say they have a credit card that earns points that can be cashed in for travel rewards (66 percent). Interestingly, this increases to 72 percent among Millennials
Dining out remains high on the experience list for Australians. As many as 73% say they are dining out either the same amount or more often compared to last year. 75% agree that they seek out deals and promotions at restaurants when choosing where to dine out, while 77% of Aussie parents seek kids-eat-free venues.
Along with smarter spending strategies, Australians are getting creative when it comes to securing hard-to-nab reservations: 29% purposely book a table earlier in the day and 31% admit to being flexible with dining dates.
71% of Australians see luxury shopping as a way to treat themselves. More than 1 in 4 Australians are opting to rent over purchasing luxury items outright (28%). Australians are treating luxury purchases, such as shoes, handbags and jewellery, as a financial investment, with 30% of Gen Z adopting this trend.
Daniel Thomas, Vice President of Travel and Lifestyle Services, American Express Australia said: “The latest Amex Trendex shows that Australians, even when faced with financial pressures, are finding innovative ways to enjoy the things that bring them joy – even when they come with a lofty price tag.
“It’s no secret that quality of life is a huge consideration for Australians, and life’s pleasures like dining out, travelling and luxury purchases clearly play into this.
More details of the American Express Trendex report may be found here