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Holidays are at the top of the purchasing agenda

Cars and home renovations have been cast aside this year, with new MasterCard research revealing that travel will be the most popular spending priority for 2014.

The MasterCard Consumer Financial Priorities survey found one in three (37 per cent) Australians said the most popular purchase in 2014 will be ‘A holiday in Australia’, with one in three also listing ‘A holiday overseas’ (35 per cent). General ‘saving’ topped the list, with 46 per cent of Australians saying they’ll be putting their money away this year.

When asked specifically about their top financial priorities for 2014, 38 per cent of Aussies said they are saving for an overseas trip, revealing an 8% jump from priorities in 2013. This topped other priorities including paying off the mortgage, saving for a car, or saving for events such as weddings and anniversaries. Interestingly, 51 per cent of the group prioritising saving for an overseas trip were aged 18-24 years.

MasterCard Australia SVP & country manager, Andrew Cartwright, says that despite a recent decrease in consumer confidence, it’s interesting to see that Australians are prioritising travel over other financial priorities.

“Lately it’s been widely reported that levels of confidence amongst consumers are on the decline, so it’s interesting to see that Australians are moving away from large purchases such as cars and home renovations, and are focusing their spending on experience-based activities like holidays.”

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