BNPL Users Opt-Out of Summer Travel According to Zip

SYDNEY, Jan. 28, 2021 /PRNewswire/ -- Since early 2020, a ban on international travel for residing Australians has meant international travel is not an option. Domestic travel has also been hindered by the closure of state borders that have plagued the travel industry since March 2020.

While most locals have adapted to the idea that they won't be able to leave the country for the foreseeable future, constantly changing border regulations have left many people unsure about booking a trip. Concerns about the risk of COVID-19 and too much uncertainty around the pandemic are the main reasons for a lack of intent to travel.

In a recent research report by Buy Now Pay Later (BNPL) provider Zip, 48% of respondents indicated they would spend less money on travel this summer due to Covid-19. The report, titled "A Very COVID Xmas" showed a total of 64% of respondents stated they would only be staying in their own city, a jump of 12% from a typical year.

Australian's have also indicated that they're less likely to travel to attend gatherings this year. Those polled were less likely to attend venues across the board, home gathering or host their own events compared to a year-over-year comparison.

Domestic trips and travel may be bolstered by the use of BNPL services. With the option to pay for a trip at a later date and book accommodation and transportation interest-free, more people can visit loved ones or take a short break to relax.

Survey respondents indicated that they would allocate money not spent on travel towards travel at a later date once restrictions had eased (32%) or put the money away long term (31%). This could indicate a future boom in the travel industry when the country is cleared for international travel once again.

Throughout a challenging year, Australians have postponed their travel plans in favour of staying home. While this will significantly affect the travel industry, some hope that BNPL services such as Zip can offer a lifeline to those who need to travel or find it safe to do so.

This press release was issued through 24-7PressRelease.com. For further information, visit http://www.24-7pressrelease.com.

SOURCE Zip