Staycation: should you stay or should you go now?

By 23 December 2019Financial advice
It’s the getaway you take when a getaway’s out of the question – the staycation.

It’s the getaway you take when a getaway’s out of the question – the staycation. Whether it’s venturing out locally and returning each evening, or taking a few nights to explore places within driving distance of home, the staycation is becoming increasingly popular.

It might come down to time, or money, or just that you simply can’t be bothered with all the rigmarole of going overseas or interstate. Whatever the reason, it looks like the staycation is here to, well, stay.

Why are more people choosing to stay put?

Faced with the multi-headed hydra of stagnant wage growth, the rising price of many of life’s necessities, the lower value of the Australian dollar and an economy growing at its slowest rate since the global financial crisis, consumer confidence is low.

With the family budget top of mind, 62% of Australians plan to keep their annual trip to under $5,000 – which means splashing out on an overseas holiday is shoved on the back burner.

NSW Tourism Minister Stuart Ayres also believes staycations are an attractive proposition, “because of the convenience and comfort in vacationing so close to home. The ease of travel, coupled with exploring the hidden treasures of your own state, makes for a winning combination.”

He adds: “It’s an easy way for people to escape the day-to-day grind, but still have some flexibility within their itinerary. For example, friends or family may choose to join, it’s easy to add on a day or two, and the journey to your destination is often the best part.”

Other benefits, he says, include affordability and convenience: “Holidaying locally is an affordable option for people to get away without having to budget for expenses such as overseas flights, transfers and visas. The convenience of travelling somewhere familiar can also be appealing as the planning time required is far less.”

The pros and cons of a staycation

Pros

  • No queuing. An overseas trip involves queuing to check in, queuing at security, queuing at passport control, queuing to get on the plane. And then doing it all again at the other end to come home.
  • No need of passports or expensive, bothersome visas. And no chance of locking the passport in the hotel safe and only remembering it when you hit the airport.
  • Smaller, lighter bags are less hassle and you don’t have to check them in. They’re not needed at all if you’re a day tripper. There are no luggage size restrictions either, so if you’re taking a quick local trip with the kids, you can pack whatever you want.
  • There aren’t any so there are no delays and no cancellations.
  • You don’t need to take out extra, expensive policies.
  • Luggage again. Unless you’re a real klutz there’s no chance of losing your own bags.
  • Proximity to home. If there’s an emergency, you’re close enough to deal with it.
  • Getting to know your own area. Staycations are great ways to appreciate where you live.
  • No air miles and no flights mean it’s better for the planet.
  • Location, location, location. Spending money locally means you’re supporting local businesses.
  • It’s cheaper.
  • Pet-friendly. It’s not hard to find a local destination where your four-legged friends are welcome. No need for pet-sitters!

Cons

  • Being closer to home means being closer to work and the temptation to take that call or answer just that one email.
  • You can’t see the Eiffel Tower from your bedroom.

Source: Colonial First State